Even France, the main foot-dragger, claims it is arguing only about the timing, not the principle, of liberalisation.

ECONOMIST: But it won��t be convincing if it can��t utter the word America

On Wednesday, European Union officials said the bloc had reached an agreement in principle on plans for an embargo on Iranian oil, though the timing and other details have yet to be determined.

WSJ: Oil Market's Iran Fears Might Be Overdone