European economic sanctions against Iran could send oil prices higher

EU officials are weighing the possibility of sanctions as they try to contain Iran’s nuclear ambitions – but any harsh move against Tehran could leave the world paying the price in more expensive oil.

Whether sanctions would force the country to agree to joint U.S.-European demands is uncertain, but – with Iran OPEC’s second-largest producer – they would likely cause oil prices, still near $50 US a barrel, to rise again.