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Announced it will stop exempting countries from its sanctions on by iranian oil from a second and anyone who still buys all from tehran faces a dispute with the biggest economy in the world the price of oil was already on the rise up thirty percent over the weekend after the news from washington the prize took a significant increase brant crude the Global Benchmark cost nearly seventy five dollars a barrel on tuesday the u. S. Sanctions policy is putting the Global Economy under pressure and is driving Prices Higher particularly in those countries that have benefited from the exemptions until ...

Turkey's struggling economy is dependent on cheap oil from iran and korea has heavily criticized the american move despite washington's assurances that saudi arabia and other countries would be able to quickly fill the gap i did you are offering oil from other countries in prohibiting oil from iran is going too far and are you doing marketing on behalf of these countries it's not right to direct oil consumers to a few favored countries. there's also know that oil from these countries is very expensive. many observers agree that shutting off iran's oil tap will do more than just push up the pri...

Planning to attend. he is under a great deal of pressure to drop out. the saudis are under pressure to postpone the whole thing. >> reporter: yes, the saudis are looking at postponing it. there is an element of loss of face that would go with that. the american perspective haven't decided whether or not to come because saudi arabia, whatever went on inside that consulate, will remain a vital ally for investment in both directions. that is the world's biggest producer of oil. if they squeeze that oil tap, the economy shrinks. this is not a nation that can be pushed around. >> sam kiley in riyad...

Is a reassessment of how wealth is distributed, i think that certainly politically sensitive holdings will come into question. >> reporter: now, will there be pressure for any of these countries to divest? jim boulden, cnn, london. >> libya produces almost 2% of the world's oil. now many investors are wondering what would happen if libya's oil tap was suddenly shut off. plus, we'll go live to the devastated city of christchurch in new zealand where a big earthquake has claimed,0 thousas of s of lives. stay with us. ut my tempur advanced ergo. ask me about having all the right moves. these ar...