Who is the European Union’s so-called “oil embargo on Iran” really aimed at? This is an important geo-strategic question. Aside from rejecting the new E.U. measures against Iran as counter-productive, Tehran has warned the member states of the European Union that the E.U. oil embargo against Iran will hurt them and their economies far more than Iran. Tehran has thus warned the leaders of the E.U. countries that the new sanctions are foolish and against their national and bloc interests, but is this correct? At the end of the day, who will benefit from the chain of events that are being set into motion? Are Oil Embargos against Iran New? Oil embargos against Iran are not new. In 1951, the Iranian administration of Prime Minister Mohammed Mossadegh with the support of the Iranian Parliament nationalized the Iranian oil industry. As a result of Dr. Mossadegh’s nationalization program the British militarily blockaded the territorial waters and national ports of Iran with the British Royal Navy and prevented Iran from exporting its oil.