Halting oil sales is seen as retaliation for tightening sanctions from the EU. The move is largely symbolic, however, since the UK and France don't rely on Iranian oil imports. The European Commission also said that it a 120 day stock of oil should Iran stop oil exports. European oil byers were making large cuts in oil imports from Iran before sanctions were put in place according to industry analysts. Greece is the most exposed should Iran stop exports.
http://www.reuters.com/article/2012/02/19/us-iran-nuclear-idUSTRE81I0OS20120219
DJ Willey
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