The French decision still does not allow the cash purchase of Iranian oil.

"We are now looking at this whole issue of having an embargo on Iranian oil to get that regime to think again."

Iraq's report, if confirmed, would mark its 10th raid on ships carrying Iranian oil in a little more than a week.

The largest component of that inventory is Iranian oil waiting in tankers, he said.

American companies were already barred from importing Iranian oil.

Most of it was paid for by Iranian oil delivered to Israel.

The tank was filled with 2700 tons of Iranian light crude oil.

Also, European countries decided not to buy Iranian oil.

The price of Iranian oil has fallen to close to $11 a barrel.

As it happened, the tanker was carrying Iranian oil.