EU Reportedly Agrees to Iran Oil Embargo

In a move certain to intensify pressure on Iran to halt its nuclear program, European Union ambassadors have agreed on a plan to institute an embargo on Iranian oil exports. "The principal agreement on the ban for the Iranian oil imports was reached," a senior EU diplomat in Brussels was quoted as saying. The decision must now get formal approval from the EU's foreign ministers.

According to sources, the embargo would be implemented gradually, with all imports to terminate completely by July 1, 2012.