Here Comes the Iranian Escalation

Yesterday I wondered out-loud how the bill Obama signed which said the US would not only boycott Iranian oil, but any Central bank or other financial institution doing business with Iran, which at the time, Europe was. Well, as of just a few minutes ago that s no longer an issue and an escalation in tensions with Iran will soon hit a new boiling point.

From Reuters:

EU governments agree in principle on Iranian oil ban

European Union governments have reached a preliminary agreement to ban imports of Iranian crude to the EU but have yet to decide when such an embargo would be put in place, EU diplomats said on Wednesday.

Diplomats said that EU envoys held talks on the issue in the last days of December and that any objections to the idea, notably from Greece, were dropped.

"A lot of progress has been made," one EU diplomat said, speaking on condition of anonymity. "The principle of an oil embargo is agreed. It is not being debated anymore."