President Obama today greenlighted sanctions designed to choke Iran's oil industry and pressure Tehran into giving up its nuclear ambitions. The decision comes after the White House established that there's enough crude oil in world markets to keep American allies steady if they reduce imports from Iran, reports AP.
The restrictions will target international banks that buy oil from the country. Foreign nations will have three months to drastically decrease their Iranian oil purchases in order be exempt from penalties. Ten EU countries and Japan have already received waivers. Obama will have to make a similar assessment of the world's oil supplies in another six months. (Read more Iran stories.)