EU nations agreed on Thursday to examine sanctions on Iran’s energy sector over its nuclear program which could include an oil embargo, championed by France and Britain.

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Iran warned the West on Sunday any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy.

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Brent crude stayed above $110 on Wednesday, holding onto its previous session gains, as Iran’s escalating tensions with the West and an agreement by euro zone ministers to ramp up the firepower of their bailout fund helped support prices.

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Oil prices rose towards $108 on Thursday, helped by bigger-than-expected stock draws in the United States and tensions around Iran, while stronger German data offset some of the negative sentiment generated by Wednesday’s poor bond auction.

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Brent crude has risen above USD 107 this morning, recovering from yesterday’s losses, as potential strong winter fuel demand and turmoil in the Middle East offset fears that a global economic slowdown could hurt consumption.

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France on Monday called on its western partners and the European Union (EU) to jointly take new sanctions against Iran to force it to negotiation on its nuclear issue.

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Brent crude futures edged above $107 a barrel on Monday on fears that tensions over Iran’s nuclear programme, and clashes in Egypt and Syria, may disrupt Middle Eastern output as demand for fuel rises ahead of the Northern Hemisphere winter.

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The price of benchmark West Texas Intermediate crude rose as high as $100.79 in electronic trading on Wednesday. Oil prices have been soaring for several weeks as the economy improves while tensions rise in countries that hold some of the world’s major sources of crude.

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Stabilising the natural gas market has been the focus of a summit in the Qatari capital Doha.

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Brent oil prices open today’s trading session around $112 a barrel as the ongoing debt situation surrounding Europe continues to eat into stock markets that are again loosing ground in Asia after the US Dow Jones closed lower late on Monday.

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