US Announces More Iran Sanctions, Sparking War Fears

Oil Prices Spike, Israel Demands Even More Hostile Actions

by Jason Ditz, July 12, 2012

The Obama Administration has announced yet another new round of sanctions against Iran today, targeting several companies that it believes are “front organizations” helping Iran to continue shipping oil abroad.

The companies were not exclusively involved in the oil industry, and the sanctions also included moves against companies believed to be linked to general international shipping. Treasury Department official David Cohen said the moves would foil “deceptive efforts” by Iran to sell oil to other countries.

The move had a negative effect on financial markets, with analysts saying that they added to concerns that the ever growing array of US sanctions were building up to a full-scale war. Oil prices likewise spiked on the news, fearing it would threaten international supply.

All this appeared insufficient from the position of Israeli hawks, as Vice Premier Moshe Ya’alon demanded that the US “show it is serious” by making even harsher statements and imposing even more sanctions in the lead-up to the next round of talks.

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