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Iran swallows oil sanctions

Straits of HormuzDespite apocalyptic predictions that Iran would close the Straits of Hormuz and attack US bases in response to the EU oil embargo, nothing has happened. The oil flows as usual, the EU and Japan have refused more than a million bpd delivery, and Iran has suffered a major blow to its tough image.

The embargo is not catastrophic for Iran, though it’s certainly biting. But the Iranian nuclear program is long past the most expensive stages, and the ayatollahs certainly understand that their best chance at having the embargo lifted is to develop nuclear capability quickly.

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Past coverage: Iran
08.07 Iranian pastor sentenced to death. That's halacha, baby.
06.07 Mossad chief is not stupid, after all
29.06 Iranian sanctions lasted for three minutes
15.06 Israel hired Al Qaeda, Iran busted the ring
12.06 US repeals embargo on Iran
06.06 Netanyahu decries his own procrastination