EU agrees to unprecedented oil embargo on Iran

What a mess! I doubt even China can buy that much oil from the Iranians with out making world oil prices fall.

Wow... countries heavily dependent on Iranian oil banning it for moral reasons while Japan flip-flops on banning based solely on profit with no morals whatsoever!

This is going to have Japan going 180 on it's last 180.

Well this is going to get interesting...

This is the key sentence in this story, "The compromise agreement provides for an immediate ban on importing Iranian crude and a gradual phase-out of existing contracts between now and July 1, diplomats told AFP." Old oil contracts are not changed. Iran will continue to ship its oil, so this is just another "Chamberlain" style worthless piece of paper.

Look at this from the perspective of an Iranian leader. Now they ask themselves, do I back down and look weak, or do I stick to my guns and look tough and take the risk that I will be blamed for the economic woe to come? I believe leaders of the conservative nutter type tend to take the latter option. Usually they can get away with just blaming other countries for the economic woe.

Europe does something in its own right by supporting Israel, the other side of the coin aroused deep concerns on the aggravated crisis -- it sounds to be a perfect signal to other oil producing bodies to raise prices. The sinking of Europe is accelerating..