The U.S. has approved a new round of sanctions against the major oil producer Iran, as President Barack Obama continues efforts to deter its potential development of nuclear weapons, according to the BBC.

The new set of sanctions would impose punitive measures against any companies that continue to purchase crude oil from the Middle Eastern nation, particularly the banks that are facilitating the transactions.

Despite passing through the Senate with a rare 100 votes in support, Obama only approved the new sanctions after careful analysis of current oil supplies and the likely effect on crude oil prices.

"There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil," the White House said in a statement. "In fact, many purchasers of Iranian crude oil have already reduced their purchases or announced they are in productive discussions with alternative suppliers."

Bloomberg reports that legislators continue to push for harsher sanctions against Iran, including penalties for investments made in the country's oil and gas exploration industry.

Reports on the Iranian oil market can be found at PennEnergy's Research area.