Obama: World united to address Iran nuclear threat

President Barack Obama is praising the Iranian oil embargo imposed by European nations Monday and says the U.S. will keep applying new penalties as well.

The U.S. added new sanctions Monday on Bank Tejerat, which is Iran's third-largest bank. Although the U.S. does almost no business with Iranian financial institutions, U.S. sanctions help choke off Iran's access to the international banking system. Iran needs access to that system to get paid for its oil.

Obama also has approved new sanctions on Iran's powerful central bank that take effect later this year.

Obama claims global unity in confronting Iran over its disputed nuclear program, although several of Iran's large trading partners have refused to apply sanctions.

The U.S. claims Iran is preparing to build a bomb; Iran denies it.