Brent Rises on Mid East Tensions, WTI Remains Unch

“Brent crude traded at the highest premium in a year to futures in New York amid concern that supplies from the North Sea and the Middle East will be disrupted and speculation U.S. stockpiles are increasing.

Brent in London climbed to as high as $24.28 a barrel more than West Texas Intermediate as WTI remained little changed near a three-day low. The European Union tightened sanctions onIran’s energy exports, while Nexen Inc. (NXY) declined to give a specific date for resuming its Buzzard field in the North Sea after maintenance. Crude inventories in the U.S., the world’s biggest oil user, rose 1.5 million barrels last week, according to a Bloomberg News survey before a government report tomorrow.

“The Brent market has been inflated by declining North Sea production and hiccups in that production, like the recent problems with Buzzard,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London. “The price of WTI is also being distorted by the huge increase in U.S. domestic oil production.” ”

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