Facing the prospect of tightening sanctions, with the European Union declaring that it will suspend imports of Iranian oil from 1 July, the regime considered hitting back. MPs and officials declared that Iran would strike first, cutting off shipments to Europe immediately. This would drive up oil prices and specifically hit countries like Greece and Italy, both facing their own economic difficulties, with significant imports from Tehran.
The problem is that the regime needs the revenue from its oil shipments. So the cut-off, even if it punished the Europeans and the world, might also do damage to a fragile Iranian economy and destroy the Government’s already-suspect handling of the budget.
So what we saw this weekend was a lot of posturing facing some reality. Sunday came and went without the Parliamentary bill that would halt the oil supplies. Indeed, there was no bill, only the „idea“ of a bill that might be introduced as early as Saturday.