Oil prices are on the rise today, in part because of news out of Syria. But there are also bigger picture problems to worry about.

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

The European Union has threatened to embargo oil from Iran. Iran snapped back, saying if that happens, it won't let any oil ships pass through the Strait of Hormuz. How might this affect Europe and the U.S.?

Iran has threatened to block the strait if President Obama signs a bill to impose sanctions to keep it from making nuclear weapons. The impact on oil prices worldwide would be major and immediate.