Brent crude increased by 6¢ to stand at $110.64 after Iran renewed its threat to block Arab oil from leaving the Gulf, raising supply concerns.
Meanwhile, US crude slipped 5¢ to $99.53, after the US Government said it would levy more sanctions against Iran following the EU decision to ban imports of Iranian crude from July.
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Participants are worried that halting purchases may further stoke tensions with Iran, boosting prices and hurting a fragile global economy, reports Reuters. However, fears over demand growth, stemming from protracted negotiations over Greece’s debt capped any gains.
