Iran Cuts Oil to U.K.

    An oil tanker cruises towards the Strait of Hormuz off the shores of Khasab in Oman on January 15, 2011. Iran threatened to close the Strait of Hormuz in the Gulf if extra sanctions bite, cutting off the transport of 20 percent of the world's oil as United States warned that Iran would cross a "red line," prompting likely military action. AFP PHOTO/MARWAN NAAMANI (Photo credit should read MARWAN NAAMANI/AFP/Getty Images)

    Marwan Naamani, AFP / Getty Images

    Now they’ve done it. Iran halted shipments of oil to Britain and France on Sunday in retaliation against European Union sanctions, as the battle over Tehran’s nuclear efforts escalates. The export cut was announced by the Oil Ministry in a statement on its website. The EU, which accounts for about 18 percent of Iran’s oil exports, will begin a boycott of Iranian crude in July if the nation does not halt its nuclear ambitions, and Sunday’s action is seen as an angry preemptive strike against the bloc.

    Read it at The Associated Press