PREEMPTIVE STRIKE: Iran Could Turn Off EU Oil Supply Early

In a pre-emptive strike on the European Union, Iran is set to immediately halt exports to the region in advance of the oil embargo imposed on it, der Spiegel reports.

The European Union sanctions on Iranian oil, announced earlier this week, will only come into effect on July 1, in an attempt to give countries time to look for alternate sources.

However, the Iranian government has proposed a bill — which will be voted on in parliament (the Majlis) this weekend — that could make things difficult for struggling southern European economies like Italy, Greece, and Spain, which depend so heavily on its oil.