1. Since Iran announced its intention, oil price rose (in two trading days only) from 101 to 1.05. 2. When Europe announced the oil embargo on Iran, the price of oil went down. So the markets are pricing europe's words as if bluff, and Iran's words as solid. Maybe the european's move was mainly aimed at using the announced sanctions as an edge in the coming negotiations with Iran with the assumption that it would not be implemented when July 1 comes. If so, is the strategy backfiring, and are the iranians outsmarting the europeans?