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EU Reaches Agreement on New Iran Sanctions

Oil prices rose today on the news that European diplomats had reached a preliminary agreement to issue new economic sanctions on Iran. Progress on sanctions had been held up by the envoys from Greece, who have now dropped their objections. While debate on the specifics of the sanctions is ongoing, all countries in the EU are resolved to proceed.

Two weeks ago, debate over these new sanctions on Iranian oil prompted to government in Tehran to threaten to close the Strait of Hormuz. The threat was promptly backed up by a 10-day series of war games and the tests of some new weapons system.

The Iranian government has yet to respond to this latest news, but this move by the EU is sure to increase tension even further.

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