EU implements oil embargo against Iran

The Iranian oil embargo imposed by the EU comes into effect, amid fears that the nuclear enrichment program by the Iranian regime is intended for the generation of nuclear weapons.

Although an agreement of banning Iran's oil was reached on January 23 by EU leaders, the lengthy postponement of implementation gave countries such as Greece and Italy, which relied heavily on Iranian oil, enough time to find alternative sources.

To this date, the Iranian regime refuses to stop its nuclear activities, claiming that it’s nuclear enrichment program is only intended for the generation of energy for households.

Oil cartel OPEC has warned that oil prices could rise in the immediate aftermath of the operationalisation of the embargo, citing imbalances of oil production by the oil exporting countries.