|President Barack Obama|
It is being reported that President Barack Obama is going forward with a series of new sanctions aimed at squeezing Iran's oil exports. The President only decided to pursue additional sanctions after it was determined that their is a sufficient supply of oil on the world market to not harm the U.S. and it's allies.
The United States will implement new sanctions that penalize foreign banks that continue to purchase oil from Iran. This action also aims to further isolate Iran's central bank which makes virtually all of the payments made for oil purchased on the open market.