LONDON - Brent crude rose above $111 yesterday on worries over supply disruptions after Iran warned Gulf Arab neighbours of consequences if they raised oil output to replace Iranian barrels facing international sanctions.
Euro zone worries, however, capped gains.
The latest threat comes as leaders of top Asian buyers of Iranian oil - China, Japan and South Korea - tour alternative Middle East suppliers while the US pressures nations to stop importing oil from the Islamic Republic.
Saudi Oil Minister Ali al-Naimi said the world's No.1 oil exporter - the only one in Opec with significant unused capacity - was ready to meet any increase in demand. He made no direct reference to sanctions on Iran.
Feeling increasingly isolated, Iran's hardline Islamic clerical elite has lashed back by threatening to block the main Middle East oil shipping route.
Brent rises on supply worries
LONDON - Brent crude rose above $111 yesterday on worries over supply disruptions after Iran warned Gulf Arab neighbours of consequences if they raised oil output to replace Iranian barrels facing international sanctions.
Euro zone worries, however, capped gains.
The latest threat comes as leaders of top Asian buyers of Iranian oil - China, Japan and South Korea - tour alternative Middle East suppliers while the US pressures nations to stop importing oil from the Islamic Republic.
Saudi Oil Minister Ali al-Naimi said the world's No.1 oil exporter - the only one in Opec with significant unused capacity - was ready to meet any increase in demand. He made no direct reference to sanctions on Iran.
Feeling increasingly isolated, Iran's hardline Islamic clerical elite has lashed back by threatening to block the main Middle East oil shipping route.
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