EU Takes Action

The European Union has frozen the assets of Iran's Bank Meli.It is Iran's oldest and largest private bank.The move is in response to Iran's refusal to halt its nuclear program,which the West sees as a threat to international security.Meanwhile,Israel is reportedly practicing a plan to attack Iran's nuclear facilities.Iran has said that,should this occur,it will exercise control over the Strait of Hormuz,through which much of the world's oil supply is shipped.Kuwait has been making its own plans in the event of conflict,to ensure that its oil would continue to reach its customers.All of this tension is a big factor in the surge of oil prices.Many believe oil would reach 200 dollars U.S. a barrel-or even more-if Israel bombed Iran.