EU agrees on Iran oil export embargo

The EU announced it has reached a preliminary agreement on total ban of Iranian oil exports, the measure supported by the US and aimed at reducing Iran's oil revenues. The agreement has not been debated yet and the time of the ban coming in force has not been set. Iran claims its economy is vulnerable to the ban as the largest part of oil exports goes to the emerging markets in Asia. Traders' sentiment remains strongly bullish despite low probability of the military action from the Iranian side.