The European Union (EU) implemented a ban on all new oil contacts with Iran this week, and ruled that any existing ones will be terminated in July.
In response, Iran has once again threatened to close the Strait of Hormuz. Over a fifth of the world’s oil supplies pass through the strait.
US officials have said they will keep it open by force. And Britain now has two huge warships on Iran’s coast, along with French and US vessels.
Some EU officials are warning against sanctions on Iran. Greece, Spain and other troubled EU countries buy Iranian oil at very favourable prices.
Protest and rally: Hands Off Iran and Syria: No Western intervention Saturday 28 January, 2pm-4pm, US Embassy, Grosvenor Square, London W1