The European Union agreed in principle to impose an oil embargo that would ban member states from purchasing Iranian oil. The EU is the second largest consumer (DerSpiegel) of Iranian oil, with Greece, Italy, and Spain being the largest importers.from Roundup: European Union agrees on Iran oil embargo
This is a new wrinkle in the plan to help destroy the global economy (and "explain" the lack of a recovery, thus saving various reputations), by causing the price of oil to skyrocket. Instead of manipulating Iran into shutting down the Strait of Hormuz, the EU will apparently force its member-states to stop importing Iranian oil. So, the effect would have a similar effect as an Iranian blockade of the Strait, but without the immediate risk of world war.
Webster Tarpley, based on his claim that Wall Street wants to close the Strait to postpone a Dollar collapse (apparently at the expense of Iran) might claim that this embargo is intended to have a similar effect.