The Obama administration, its European allies and key Arab states are intensifying discussions on how to maintain stability in the global energy markets in a possible precursor to a formal embargo on Iran's oil exports and its central bank.
Such an embargo would constitute the most direct economic confrontation yet between Iran and the West and would amplify tensions as Iran repeatedly threatens to close the Strait of Hormuz, through which passes about one-fifth of the world's oil supply.
U.S. and European officials indicated in interviews they are taking steps that could lay the groundwork for such financial penalties as part of the effort to counter Iran's nuclear program.
Such an embargo would constitute the most direct economic confrontation yet between Iran and the West and would amplify tensions as Iran repeatedly threatens to close the Strait of Hormuz, through which passes about one-fifth of the world's oil supply.
U.S. and European officials indicated in interviews they are taking steps that could lay the groundwork for such financial penalties as part of the effort to counter Iran's nuclear program.
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