US secretary of defense hosts Peres at Pentagon; president praises West's efforts to negotiate with Iran, but warns that Islamic Republic seeks hegemony in Middle East and continues in efforts to obtain nuclear weapons.
Speaking at the start of a cabinet meeting, Netanyahu said that Syrian forces are killing innocents, including women and children.
Tough Western sanctions imposed on Iran's oil market over its developing nuclear program has the country feeling an economic pinch, as its estimated to have lost more than $10 billion this year alone in oil revenues, Reuters reports.
The financial measures imposed by the US and the European Union have dropped Iran's oil output to the lowest level in 20 years, Reuters reports, as Iran is shipping out 600,000 less barrels per day than it did last year. The sanctions have made it harder for Iran to export its oil and more difficult for other countries to buy it. An European Union oil embargo is to take effect on July 1.
"This is an act of economic warfare. The sanctions are having a big effect in cumulative terms: Iran is being locked out of the global financial system," Mehdi Varzi, a former National Iranian Oil Co. official, told Reuters.
Shimon Peres checks into the Blair House for Wednesday meeting at White House
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