The European leadership’s grasp of market forces is even worse than I had imagined.

Unless they somehow cut back on oil consumption, and no one else buys from Iran,
Iran’s sales and prices received don’t change:

Europe Agrees to Ban Imports of Iran Oil; No Date Set
Published: Wednesday, 4 Jan 2012 | 1:01 PM ET
By: Reuters

 
European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said Wednesday, dealing a potentially heavy blow to Tehran just months before an Iranian election.