Video: Obama approves oil sanctions

Foreign banks that do business with Iran would be sanctioned by the U.S. NBC?s Andrea Mitchell reports.

>>> moving ahead with tough new moves to squeeze iran . our chief foreign affairs correspondent andrea mitchell joins us from washington as well. and rhea, good evening.

>> the president decided to make this decision after deciding there was enough oil in the bloebal market in order to not have real shocks without hurting key shocks and allies who depend on iran for oil. they force them to choose on doing business with iran or being bars from the economy in july. hillary clinton talked with king abdullah in saudi arabia . the saudis have promised to keep increasing their production to make up for the lack of iran exports. asian countries have cut back on their purchases from iran . driving prices up at the pump, the white house could still decide to release oil for a short-term fix, especially in an election year. no decision on that yet, lester.

Source: http://video.msnbc.msn.com/nightly-news/46910541/

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