"The principal of an (Iranian) oil embargo is agreed. It is not being debated anymore," says an...

|By:, SA News Editor

"The principal of an (Iranian) oil embargo is agreed. It is not being debated anymore," says an EU diplomat. Traders expect Iran will find buyers for the roughly 18% of its crude that now goes to the EU - most likely in Asia - but will need to offer substantial discounts. Expectations of such a move have already hit the rial, which is off 40% vs. the dollar over the past month.