Iran ready to cut Europe’s oil at once

Iran’s parliament is threatening to ban oil exports to Europe as early as next week, in a move that could hit the economically weak countries of southern Europe and push oil prices higher. The European Union this week approved a ban on oil imports from Iran but delayed its implementation until July 1. That was designed to give Greece, Spain and Italy time to secure substitute supplies from other oil producers, such as Saudi Arabia, Russia and Iraq. The Financial Times

Things are getting ugly soon. Iran is important source of oil foe Europe, specially to Greece and Italy. Both of them are having bad time already.