Sanctions have not often worked to get governments to change their behavior, but Iran may prove to be an exception. The country depends on income from oil sales, and the oil sector is highly vulnerable to sanctions.
The United States has stopped buying Iranian oil, and the European Union is set to do so at the end of next month. There are sanctions on Iran's central bank and punishments for companies that help Iran ship its oil.
Jamie Webster, an oil market analyst at PFC Energy, says Iran's oil exports — normally about 2.5 million barrels a day — are in serious jeopardy.
Houston based gas firm Noble Energy has formally opened its Northern Colorado Headquarters. The building signals the latest expansion amid the drilling boom taking place across the region, and another financial windfall for Weld County.
For years, Cushing, Okla., has been on the receiving end of a 500-mile pipeline funneling oil from the Gulf of Mexico to the American heartland.
Starting this weekend, that pipeline will start moving crude in the other direction. That flow reversal could soon have implications at gas pumps around the country.
"For 40 years, crude oil flowed north," says Philip Verleger, a visiting fellow at the Peterson Institute for International Economics. "Today, oil flows south. It's as if we turned the world upside down."