In a further attempt to isolate Iran and curb its nuclear program, the E.U. joined the U.S. in increasing economic pressure by agreeing to impose a ban on the nation's oil exports. But Iran remained defiant, announcing it would move forward with plans to hold naval exercises in the Strait of Hormuz, a vital shipping lane for much of the world's oil, as British, French and U.S. naval vessels entered the Persian Gulf in a show of force. While tensions in the region are high, it's unclear whether the latest sanctions will be effective, as Iran exports only about 18% of its oil to European markets.
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