Brent crude rose by 41 cents up at $113.36 a barrel, its highest since 4 May 2012, stoked by Israeli Prime Minister Benjamin Netanyahu’s comments on preventing Iran’s disputed nuclear programme, which could create supply concerns in the region.

US oil rose 18 cents to $93.05; however the weak economic outlook persisted in the world’s top oil consumer, which was joined by Europe.

Output from 11 production streams will fall by 17% cutting North Sea crude output, which investors judge supports Brent, reports Reuters.

International Energy Agency cut its estimates of oil use worldwide for several years, while the 2013 demand forecast was cut to by 400,000 barrels a day due to the slow global economic activity.