Latest update: 22/02/2012
Iran halts EU oil exports
The latest in a series of tit for tat retaliations between Iran and the West has resulted in the halt of oil exports to Britain and France. However, business shouldn't be greatly affected as Iran sells most of its oil to Asia and the EU is winding down its imports from Iran. Tehran does hold a big bargaining chip though and continues to threaten the closure of the Strait of Hormuz, a strategic waterway carrying a third of the world's oil shipments.