Oil steadies from decade-highs as Iran talks kindle supply hopes | Reuters

Oil steadies from decade-highs as Iran talks kindle supply hopes | Reuters

Oil steadied after hitting prices not seen in roughly a decade on Thursday, as sellers jumped in on hopes that the United States and Iran will agree soon to a nuclear deal that could add barrels to a badly undersupplied market.

Trade was volatile, however, as investors anticipate ongoing disruption to worldwide oil flows due to heavy sanctions on Russia after Moscow invaded Ukraine a week ago. Russia exports 4 to 5 million barrels of crude per day, second-most worldwide behind Saudi Arabia, and companies are now shunning Russian supply and scrambling for barrels elsewhere.

Brent futures rose 61 cents, or 0.5%, to $113.54 a barrel by 11:23 a.m. EST (1723 GMT), while U.S. West Texas Intermediate (WTI) crude rose 15 cents, or 0.1%, to $110.75.

Both benchmarks rose to multi-year highs earlier in the session, with Brent soaring to $119.84, its highest since May 2012 and WTI hitting its highest since September 2008 at $116.57.