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Brent Above $112 on Iran Tension; Eyes on US Jobs

Reuters -- Brent crude rose above $112 on Friday after Iran's supreme leader warned of retaliation over an oil embargo “at the right time,” although caution before the latest U.S. jobs data and worries about the euro zone kept gains in check.

Ayatollah Ali Khamenei, in a defiant speech to mark the anniversary of the 1979 Islamic Revolution, said Tehran would not yield to international pressure to abandon its nuclear program.

“Sanctions will not have any impact on our determination to continue our nuclear course ... In response to threats of oil embargo and war, we have our own threats to impose at the right time,” Khamenei told worshippers in a live broadcast on state television.

Front-month Brent crude [LCOC 14.555 --- UNCH (0)] was up 26 cents at $112.33 a barrel, gaining for a fourth

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Submitted Feb 03, 2012 By: WxVette

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WalRus49 Champion Author Boston Posts:2,235 Points:506,815 Joined:Nov 2010	Message Posted: Feb 3, 2012 10:16:34 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage..........
FunMyster Veteran Author Indiana Posts:426 Points:45,385 Joined:Jul 2011	Message Posted: Feb 3, 2012 3:40:16 PM Ignore FunMyster Report Abuse Keep up the pressure.
The_DR Champion Author New Jersey Posts:1,059 Points:231,670 Joined:Aug 2011	Message Posted: Feb 3, 2012 2:44:56 PM Ignore The_DR Report Abuse Terrorists
ktbaeohana Champion Author Las Vegas Posts:1,173 Points:262,220 Joined:Mar 2010	Message Posted: Feb 3, 2012 1:54:35 PM Ignore ktbaeohana Report Abuse Let's watch and see.
gs7101 Champion Author San Antonio Posts:3,733 Points:276,405 Joined:Jun 2009	Message Posted: Feb 3, 2012 7:11:08 AM Ignore gs7101 Report Abuse The price of oil continues on Iran's threats.