Fred Fleitz, LIGNET’s chief analyst, warns of the danger of international miscalculation as a new European oil embargo threatens to tighten the noose around Iran’s neck.

In a special videotaped interview posted at LIGNET.com today, Fleitz notes that the proposed embargo will have a dual effect — angering Iran and damaging the fragile economies of the European Union.

Iran is already feeling the effects, with its currency dropping 10 percent in value in a single day. The important thing now, says Fleitz, is to watch, and see what Iran might do. There is no room for miscalculation in dealing with the Islamic republic, which is expected to have a nuclear weapon within the year.

Click Here to watch the video and read the full story at LIGNET.com.