Oil rises above $113 as Ukraine conflict offsets Iran supply hope
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.
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.
