Oil markets were pushed down by demand growth concerns in Europe after ratings agency Moody’s downgraded six countries in the region.

Brent crude fell by 63 cents to $117.30 a barrel, while US crude fell 30 cents to $100.61.

Moody’s downgraded Italy and Portugal, weighing down Asian shares and the euro; the agency also warned that it may cut the top ratings of Austria, France, the UK.

Meanwhile, tensions increased in the in Middle East as Israel accused Iran and its ally, Hezbollah, of being behind two bomb attacks, reports Reuters.