Obama sets stage for tough new sanctions targeting Iran’s oil
President Barack Obama moved Friday to tighten the economic vise on Iran over its suspect nuclear program, taking a big step toward tough new sanctions aimed at crippling the Islamic republic's ability to export oil.
Obama announced in an official memorandum that he had determined that there is enough oil on world markets to go ahead with measures designed to push countries that buy Iranian crude—including key U.S. allies like Japan, South Korea and India—to get their petroleum elsewhere.
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