Oil Payment System News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Transition involves a change in the footprint. megyn: we are going the follow up with that in the moment. but first an alert to a potential hot spot. iran. the state department denying foreign media reports that officials asked russia to deliver a message to iran that it is facing its last chance. that report appeared this morning in a russian daily newspaper. also today in a crippling blow, the international oil payment system announced it is shutting out iran's banks. cutting them off from all global business. jenniferivein is following this from the pentagon. >> reporter: the state departme...

Raising new concerns this could stall economic recovery here in the u.s. a barrel of crude oil reaching $103 after comments from israeli's prime minister that sanctions aimed at the rogue regime are not working. overseas oil prices in london hitting a eight-month high. back here at home the average price of a gallon spiking to 3.5 billion. that is -- $3.3. that is up four cents from a month ago. stuart varney from the fox business network. what is the very latest? >> i have breaking news for you from iran about iran. that international oil payment system is about to pull the trigger and exclud...

Strait of hormuz. 20% of our world's oil goes through that very key waterway. that is an area that is watched real closely in all of this. iran on its own exports 2.2 million barrels of oil a day. what kind of impact from all of this are we looking at here? stuart varney joins us now, fox business network. stuart, this is an escalating situation. >> yes. there are rapid fire developments here and your money is very much at stake. first of all we have iran which may be about to be cut out of the oil payment system. if that happens, then they can not get any revenue for the oil that they sell. t...

Move that could cripple iran's economy but consumers in the united states could pay a big price if this goes forward. we have full team coverage with leland vitter in the middle east but first, we start with stu varney on the economic war that is breaking out, and the tensions are rising between europe and iran when it comes to iran's oil exports. that has a direct effect on us. explain stu. >> this battle at the moment is being fought at the financial level, rapid fire developments and our money is being affected. america is threatened to pull the trigger and shut iran -- shut iran out of the...

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