This is a significant step forward in sanctioning Iran and will no doubt hurt the European driver at the pump. But if we're going to stop Iran from building nukes short of war -- an admittedly slim chance -- it is sanctions like these that Iran opponents have been touting for years that might do the trick. CNN Money: The European Union will announce tough new sanction on Iran's oil industry Monday. According to a source familiar with the matter, the sanctions will ban the import of Iranian oil and also restrict Iran's trade in gold and precious metals, as well as freeze certain Iranian financial assets. Of the 2.2. million barrels of oil Iran exports a day, about 18% is bound for European markets, according to the U.S. Energy Information Administration. The world consumes about 89 million barrels of oil per day. Final details are still being worked out, and it's expected the sanctions will have a grace period of three to eight months, an EU diplomat told CNN. The grace period will...(Read Full Post)