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Obama to proceed with sanctions against Iran oil *PIC*

Obama to proceed with sanctions against Iran oil (by Greg Robb)

WASHINGTON (MarketWatch) - President Barack Obama has decided to move ahead with new sanctions on Iran's oil program, according to a report by the Associated Press. The sanctions would target financial institutions that do business with Iran's central bank, a conduit for the country's oil sales. They would go into effect at the end of June. The White House has determined there is enough crude on world markets to take the step without harming U.S. allies, the report said. Energy experts think there is a good chance that the Obama administration will release oil from emergency stockpiles when the sanctions are expected to set in.