(Reuters) - Brent crude oil rose above $112 a barrel on Thursday, extending gains for a third day on persistent worries over supply from Iran, while upbeat global manufacturing data also boosted appetite for riskier assets.
US lawmakers are considering a bid to force President Barack Obama's administration to blacklist Iran's President Mahmoud Ahmadinejad and the country's supreme leader, Ayatollah Ali Khamenei, in an effort to thwart Tehran's nuclear capabilities.
The fresh penalties would build on a new oil embargo by Europe and sanctions by the United States that seek to shut Iran's main clearinghouse for oil revenues, the Iranian central bank.
"It is a stalemate that will continue to squeeze Iran," Barratt said. "It's against everyone's interest to have a conflict as they don't want to see crude at $140-$150.