A war of words broke out between Tehran and Washington on Monday over Iran's nuclear programme after Europe struck at the Islamic republic's lifeblood by agreeing to impose an oil embargo on it.
Tehran threatened to respond by closing the strait of Hormuz, through which a fifth of global oil supplies pass, while a senior US official vowed that the west could use force to keep the route open.
The decision by EU foreign ministers in Brussels raised the stakes dramatically in the standoff between Iran and the west.
The EU decided that there could be no further oil contracts struck between its member states and Iran, but existing oil delivery deals would be allowed to run until July.
Sharply escalating the sanctions regime against Tehran, the EU also froze the Iranian central bank's assets in Europe and banned gold, precious metals and diamond transactions.
While the sanctions take effect from Tuesday, it will be the summer before the full impact is felt. Senior Iranian figures promptly upped the war of words with the west.
"If any disruption happens regarding the sale of Iranian oil, the strait of Hormuz will definitely be closed," warned Mohammad Kossari, deputy head of the Iranian parliament's foreign affairs and national security committee. Closing the strait would choke off global oil supplies and send international tensions soaring. » | Ian Traynor in Brussels and Nick Hopkins | Monday, January 23, 2012
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