Brent crude rose above $114 per barrel to its highest in
more than three months as Israel's comments on stopping Iran from proceeding
with a disputed nuclear programme stoked worries about a disruption in supply
from the region.
Prime Minister Benjamin Netanyahu had said that most threats
to Israel's security were "dwarfed" by the prospect of Iran obtaining
nuclear weaponry. Those comments overshadowed recent forecasts of a further
slowdown in oil demand growth due to a weak economic outlook in the United
States and Europe. The debate in Israel whether to go to war against Iran over
its nuclear programme intensified during the weekend, worrying oil investors
who see it as defying appeals by U.S. President Barack Obama to allow more time
for international diplomacy.
Brent crude, which hit $114.28 -- its highest since May 4,
traded 41 cents up at $113.36 a barrel by 0635 GMT, gaining for six out of the
past seven sessions. U.S. oil rose 18 cents to $93.05, after ending 49 cents
lower at $92.87.
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