While analysts expect world fuel prices to rise due to ongoing sanctions against Iran, Costa Ricans can expect only a moderate, long-term hike. The United States accounted for 58 percent of Costa Rican oil imports in 2010.
Iran has staked its claim as international pariah during the first six weeks of 2012. Given the country’s decision not halt a nuclear development program – which the government claims is for peaceful purposes – the international community has responded with a series of steps to pressure Iran into cooling its nuclear ambitions.
Last week, U.S. President Barack Obama signed an executive order to sanction transactions from the Iranian Central Bank.
In late January, the European Union did the same, as well as adopting an embargo to cease new oil imports from Iran. These sanctions followed Iran’s threat in early January to close the Strait of Hormuz, a vital oil transportation channel off the east coast of the country where 20 percent of the world’s oil exports pass.
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