Irish motorists could be hit with rising fuel prices thanks to the EU's embargo on Iran's oil but it’s all for the greater good apparently. Ireland is fully supportive of the EU’s embargo against Iran’s oil exports.

The political agreement was reached following talks between ambassadors from 27 EU nations. The deal will be formally approved by EU ministers during their 1 day talks.

The compromise agreement provides for an immediate ban on importing Iranian crude and a gradual phase out of existing contracts between now and July 1st 2012.

Mr Eamon Gilmore the Tánaiste and Minister for Foreign Affairs said that Ireland supports the measure because Iran’s pursuit of a nuclear program cannot be ignored. And it goes without saying that this is going to mean even more pain at the pumps for Irish motorists as the obvious effect for me and you is that fuel costs will rise again.

Mr Gilmore concedes that the embargo will have an impact on oil prices and added that any increase has to be weighed against the seriousness of Iran's nuclear program.

(Sourced from Irish Trucker)