Obama goes ahead with Iran sanctions

Posted on April 1, 2012


© Justin Sloan

Obama authorised heavy economic sanctions on friday as he believes that global oil supplies are large enough to allow nations that haven’t cut their oil imports from Iran yet to join the countries that already have. The sanctions will hit all foreign banks that continue to carry on oil-related business with Iran’s central bank and ban them from doing business with US firms. France has raised concerns over oil prices and suggested to the UK and US governments that some of the strategic oil stocks should be released into the market, to keep the prices from skyrocketing.