Well, the tension with Iran grows over their plans for uranium enrichment. While the US presses for Iran to be brought in front of the UN security council, Iran threatens us with "harm and pain" if there are in fact brought before the council. (Iran Threatens U.S. With 'Harm and Pain').
If the issue does come before the UN SC, it is likely that it will come sometime next week (Iran likely to face Security Council next week). If sanctions are imposed, they could include economic and political sanctions, none of which would likely have any effect on Iran.
Sanctions on oil are unlikely for several reasons. First of all, Russia and China who have veto power on the SC have significant economic interest in Iran's oil industry. This is a real issue even though the US and Russia have presented a united front on the issue (U.S., Russia Cooperate on Iran Amid Rifts). Second, any disruption in Iran's oil production could lead to world oil prices reaching over $100 a barrel.
We can't threaten an arms embargo. That already exists for the most part.
The UN can threaten to freeze Iran's assets overseas, but due to that prospect, Iran has already pulled billions out of overseas accounts.
Revocation of visas to travel abroad? Gee... that is a whopper. 90% of Americans have never been outside of the US. I don't think that will hurt too many Iranians either.
Military options include invasion and strikes against Iranian nuclear facilities. The invasion prospects are dim at best. With US forces tied down in Iraq and Afghanistan, it would be years before we would have the logistical ability to mount such and invasion (and Iran knows this).
There is the option of air strikes against facilities in Iran, but this would bring about the possibility of a counter offensive of Iranian forces moving into Iraq. While the Iranians would probably be welcomed by Iraqis in the Shiite dominated south, Sunnis would be afraid of Shiite dominated Iran gaining control of Iraq and the reprisals for the Iran-Iraq war in addition to the general treatment of Shiites in Iraq over the past 30 years. We would have Sunni Iraqis fighting Iranian and Iraqi Shiites, but not necessarily on our side or in any coordination with our military. Basically, our troops could end up in the crossfire of a 1400 year old Islamic schism.
Additionally, the invasion of the 2nd of 3 axis of evil countries would surly precipitate North Korea's advancement of their own nuclear program. With the US engaged in Iran, Iraq and Afghanistan, NK would have 5-10 years of breathing room in which they can develop nuclear weapons to ensure their survival.
Additionally, the distraction to the east could lead Turkey to finally play its hand in Kurdish held northern Iraq. This is a small possibility, due to Turkey's desire to enter into the EU, but none the less, a possibility.
So, in the end, at best, we are likely to see weak and ineffective sanctions against Iran. This will strengthen the hand of the hardliners. Cheney can talk tough all he wants, but words will do little.