IRGC has launched three-day drills
to test its long-range missiles. The move is seen as a defiant response to
EU embargo of Iranian oil, which went into effect on Sunday. The US also began
to impose tough new sanctions on Iran’s oil industry last week. The new
sanctions are designed to inflict economic hardship on the country, forcing its
leaders to limit their nuclear program.
Meanwhile, in another sign of
defiance at international pressures, the national security committee of Majlis
drafted a bill to close the Strait of Hormuz to all tankers carrying oil to EU
countries. If this latest move was a posturing to jack up oil prices, it succeeded
and the Brent crude approached the $100 mark on Monday.
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