Iran Clings to Oil Lifeline as U.S. Pushes for Tighter Financial Sanctions

Mark Dubowitz, director of the Iran Energy Project at the Foundation for the Defense of Democracies and co-author of a confidential report on Iran circulated on Nov. 29 to the Administration and Congress, says oil and natural gas sales represent about 80 percent of Iran’s hard currency export earnings.

That suggests sanctions on energy exports could deliver a body blow to Iran. “Nobody with any sense is trying to impose an oil embargo on Iran,” he says. The challenge is “to target Iran’s oil sales without spooking markets.”