EU Agrees to Ban Iran Oil Imports to Target Nuclear Program

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/01/23/bloomberg_articlesLY7SIV07SXKX01-LY9IK.DTL

This gives oil importers 6 months to find additional sources--and gives markets time to digest any inventory imbalances (i.e. shortages).  The money printers will declare there is a glut in inventory due to demand destruction (i.e. the world economy still sucks), but the peak oil theorists will posit this ensures crude oil prices remain over $100 a barrel, dampening the economy.