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RETALIATION Iran Cuts Oil to U.K. Marwan Naamani, AFP / Getty Images

Iran Cuts Oil to U.K.

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.

February 19, 2012 9:20 AM