Oil rises above US$111 as Ukraine conflict offsets Iran supply hope

Brent crude LCOc1 futures peaked at US$113.94 a barrel during the session, before settling at $112.93, up $7.96, or 7.6%. U.S. West Texas Intermediate (WTI) crude CLc1 futures hit a high of $112.51 a barrel, and closed $7.19, or 7%, higher at $110.60. (File pic shows oil drilling in Russia.)

SINGAPORE: Oil rose above $111 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 mnarkets before authorities said the fire in a building identified as a training centre had been extinguished.