Brent crude fell 12 cents to $118.59 a barrel amid fears of a production stoppage in the North Sea and potential supply disruptions from Iran.

US crude was down 13 cents at $102.98 as investors await the outcome of the US Federal Reserve’s two-day policy meeting today, reports Reuters.

Sentiment remained fragile over the euro zone crisis as the Dutch Prime Minister Mark Rutte tendered his government’s resignation over budget cuts and fears of a new Socialist government in France.

But drops in prices were stemmed by supply concerns as production stopped at the North Sea Buzzard oil field, Britain’s largest, as well as worries over exports from Iran due to sanctions from the West.