As part of the effort to prevent Tehran from developing its nuclear weapons program, the EU unites on imposing sanctions against Iran.

The EU has agreed on a plan to phase out Iranian oil deals, as part of the broader sanctions against the country and its nuclear program.

If you think the decision puts an end to the debate over the controversial project, guess again.

Saudi Arabia is using a steady hand to ensure stable prices of oil, even if that means increasing supply. It's in their best economic interest.

Oil deposits off the coast of Cuba could be worth hundreds of billions of dollars. But it will be years before the oil gets to market.

The U.S. treasury secretary wants China to impose sanctions, but may find the Chinese — big buyers of Iranian oil — in no hurry to make up their minds.

Key on the agenda: Getting Japan and China to support Iran oil sanctions.

Chrysler announced plans to add 1,100 of them at its assembly plant in Detroit. The new workers will build a diesel version of the Jeep Cherokee. It's the latest of many U.S. automaker announcements for diesel cars and trucks.

European officials are meeting in Brussels today to discuss an oil embargo against Iran in reaction to the country's nuclear program.

European officials meeting in Brussels today have reportedly agreed to an Iranian oil embargo. It's the latest move by the west to punish Iran for its nuclear ambitions.