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Six nations, including the United States, Britain, France, Germany, China and Russia, have decided to go forward with santcions against Iran over the Middle East country’s nuclear program.
For several months, Iran and most of the Western world have been at a stand off regarding news that Iran has begun a uranium enrichment program. Iran has stated their only reason is to utilize nuclear power for energy, while most of the rest of the world Iran has alterior motives, a.k.a. they’re developing a nuclear weapon.
While there have been very little details released regarding what types of sanctions could be imposed, most political analysts do not expect more than a slap on the wrist, which would include witholding of nuclear technology and possible travel bans.
However, dealing with Iran may pose to be a slippery slope, as the last two times Iran was angered by the West, the world ended up having to deal with an energy crisis; the first happening in 1973 and the second happening in 1979.
Regardless, expect gas and oil prices to jump Monday morning, and depending on how bad the stand off gets, expect larger jumps in the coming months.