The Wire

Oil prices have skyrocketed, following the US’s announcement that it will impose new sanctions on Iran. The latest step in the game of brinkmanship with Tehran has seen Washington impose sanctions directly targeting the Islamic Revolutionary Guard Corp, seen as representing more radical elements within Iran. The US claims that Iran is developing weapons of mass destruction, namely nuclear warheads. But the head of the International Atomic Energy Agency, Mohamed el Baraday, says Iran is at best years away from developing a nuclear weapon and that the latest move is likely to inflame the already tense region of the Middle East and could even lead to an global conflict.