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Oil prices rose over worries about supply disruptions after Iran warned of consequences if Arabian Gulf oil producers raise their output to replace Iranian barrels.

Brent crude gained 29¢ to stand at $110.73 a barrel, while US crude rose 23¢ to $98.93.

The threat comes as Asian buyers of Iranian oil consider alternative Middle East suppliers and the US pressures other countries to stop importing oil from Iran, reports Reuters.

Asian shares fell after mass ratings reduced further aggravated eurozone funding difficulties.

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By GlobalData