President Obama signed a law on New Year's Eve that could greatly impact Iran's oil revenues. It is a measure meant to harm Iran into putting a stop to their Uranium enrichment and nuclear advancements. Iran's nuclear program is thought to be aimed at producing an atomic bomb, but the Iranian government maintains that the program is peaceful. The oil sanctions are already hurting Iranians via falling currency and rising prices. Oil accounts for 60% of Iran's revenue, and the damages done by sanctions could have a profound impact. In response to the sanctions, Iranian officials have threatened to block the Strait of Hormuz, which provides an outlet for most of the Middle Eastern oil. The United States has pledged to use naval force if necessary to keep the strait open.
By Jill Laumbacher
http://www.reuters.com/article/2012/01/06/us-iran-idUSTRE8041RA20120106
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