Oil prices in the first quarter advanced further from last year's elevated levels, providing a lift for GCC economies but a potential threat to the global economic recovery.
The spectre of Iran loomed large after the United States and the European Union burdened Opec's second-largest producer with a new round of sanctions designed to stifle oil exports.
"The market is going to be subject to an ongoing level of uncertainty throughout 2012, because of what is happening in the Middle East," said David Fyfe, the oil & industry markets division head at the International Energy Agency.
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