Some major oil traders have cut shipments to Iran in anticipation of the U.S. and other Western countries imposing sanctions on the country over its nuclear program.
The threat of sanctions has hovered for years and their imposition is not certain, but the U.S. and Russia again raised the possibility yesterday.
The nations will meet next week.
BP PLC halted shipments to Iran at least six months ago, a source said, and an official at Total SA said it would halt shipments if the U.S. and other European nations imposed sanctions.
U.S. companies are already banned from selling petroleum products to Iran.
Iran is one of the world's biggest oil producers, but it imports around 40 percent of oil products, providing western leaders with a key point of leverage in trying to stop Iran from enriching uranium
(From WSJ - link may switch to subscription later, or not)