Iran Sanctions | featured news

The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran's top customers China and India exposed to the possibility of such steps.

The body that handles global banking transactions says it will cut Iran's banks out of the system on Saturday to enforce EU sanctions.

The United States is pressing Saudi Arabia to boost oil output to fill a likely supply gap arising from sanctions on Iran, Gulf oil officials said, adding that an increase in production is unlikely to be needed before July.

President Barack Obama appealed to Benjamin Netanyahu on Monday to give sanctions time to curb Iran's nuclear ambitions, but the Israeli prime minister offered no sign of backing away from possible military action, saying his country must be the "master of its fate."

WASHINGTON (Reuters) - The Obama administration is weighing the circumstances that could warrant tapping the nation's strategic oil reserve, aware that supply disruptions from Iran could harm the global economy, Treasury Secretary Timothy Geithner said on Friday.

Japan is in final talks with Washington on an agreement on cuts in Iranian crude oil imports that could amount to more than 20 percent a year, the Nikkei business daily reported on Thursday, as Tokyo seeks to win waivers from U.S. sanctions.

China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

China said on Friday it would send a senior official to Tehran to discuss Iran's nuclear standoff with the West, and India indicated it would also weigh in, as Asia's two giants seek to head off new sanctions already playing havoc with trade.

The Obama administration said Friday that Iranian President Mahmoud Ahmadinejad's upcoming visit to four Latin American countries is is a sign of desperation as the country becomes politically isolated due to sanctions and warned Latin American leaders against expanding ties with Iran.

Iran warned the United States Tuesday not to return a U.S. aircraft carrier "to the Persian Gulf region." U.S. officials rejected the "warning" and another recent threat from Tehran that it could close the Strait of Hormuz. The White House and U.S. State Department called the latest threats signs that sanctions against Iran, the result of a standoff over its nuclear activities, are working.