NEW YORK ( TheStreet) -- Those old enough may recall the immortal words of Gomer Pyle: Surprise, surprise, surprise. As I wrote in several previous articles, the only impact of oil restrictions placed on Iran is higher costs for Europeans. Fortunately, Washington's foolishness won't likely impact West Texas Intermediate prices. All of Brussels and Washington's actions play right into the hands of China.Even Japan, one of our strongest allies, has received a "waiver" to ignore the European Union ban and doesn't face banking or any other repercussions for importing Iranian oil. Insuring the oil while on the high seas hasn't proven as problematic as many have suggested either. Japan's parliament recently voted to use the backing of the Japanese government to insure the oil, problem solved.
EU's Iran Sanctions More Bark Than Bite
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