Oil rises above $113 as Ukraine conflict offsets Iran supply hope | Reuters
Oil rose above $113 a barrel on Friday in a volatile session as fears over disruption to Russian oil exports in the face of Western sanctions offset the prospect of more Iranian supplies in the event of a nuclear deal with Tehran.
Signs of an escalation in the Russia-Ukraine conflict, with reports of a fire at a Ukrainian nuclear power plant, spooked markets before authorities said the fire in a building identified as a training centre had been extinguished. read more
Brent crude rose as high as $114.23 a barrel and by 1300 GMT was up $3.28, or 3%, at $113.74. U.S. West Texas Intermediate (WTI) added $3.19, or 3%, to $110.86 after touching a high of $112.84.
"Russia's invasion of Ukraine means that fears over supply will remain front and centre," said Stephen Brennock of oil broker PVM, though he added that there is "a new sense of urgency" to revive the Iranian nuclear deal.
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