Time to Call Iran's Bluff on Oil?

Iranian lawmakers this week expressed support for a measure that would beat the European Union to the punch by cutting off oil exports before the summer. Tehran's measure amounts to a statement of economic warfare to some degree as the European economy continues to drag on the rest of the global market. Yet, if Iran is shipping only 20 percent of its oil to European markets, its more than likely the Europeans would be able to weather the storm.

European lawmakers voted to ban any new crude oil export contracts with Iran and put existing contracts on hold as part of the cat-and-mouse game over Iran's perceived nuclear ambitions. Iranian lawmakers, for their part, said the Europeans might not have to wait very long because Tehran could cut oil exports first, so there!