The European Union approved a ban on oil imports from Iran, overcoming misgivings about the economic hardship of its members to take its strongest measures yet to press Tehran into concessions on its nuclear programme, reports the WSJ. News of a coming embargo by Iran’s largest oil-export market shocked the country’s troubled economy, with the rial rising 10 per cent. The news also sent Brent crude above $110 a barrel, the FT reports, although both Brent and WTI prices remain below the two-year highs set during the Libyan civil war. A visit to Iran by the United Nations’ nuclear watchdog is being seen by western diplomats as a first key test of whether Tehran might negotiate over its atomic programme after the imposition of tough new European Union sanctions, says the FT separately. EU foreign ministers agreed an oil import ban on Iran to be phased in over the next five months and a freeze on some central bank assets. European officials said they would watch this week’s IAEA meeting for any sign that Tehran is willing to negotiate seriously.
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