The attack on the British embassy in Tehran came just days after the Iranian “parliament” voted to expel the British ambassador, and therefore reeks of official complicity. The attack—complete with an invasion of the grounds, looting, and a brief hostage-taking—is an always useful reminder of the nature of the regime in Tehran. These are thugs, whatever their religious titles.
As every nation will condemn this assault on an embassy (the Russians were very quick to do so, for example) we should take advantage of the event. Just a week ago, President Sarkozy of France said, “as Iran steps up its nuclear program, refuses negotiation and condemns its people to isolation, France advocates new sanctions on an unprecedented scale to convince Iran that it must negotiate….France therefore proposes to the European Union and its member states, the United States, Japan and Canada and other willing countries to take the decision to immediately freeze the assets of the Iranian central bank [and] stop purchases of Iranian oil.”
The French proposal is practical. Iran exports about 2.2 million barrels a day. If one assumes that half of it will still be delivered (mostly to Asia), the world oil market can easily absorb the loss of roughly a million barrels a day. It did so easily enough when Libya’s exports went from 1.3 million barrels a day in January to almost zero. With Libya returning to the market (exporting 350,000 barrels per day now) and spare Saudi capacity available, exclusion of Iranian exports would not create a crisis.
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