Oil today rose around two percent to trade above 112 dollar per barrel. In a volatile session crude prices climbed 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.

In intra-day trade, Brent crude was trading around 112 dollars and 60 cents per barrel while WTI crude prices were at 110 dollars and 10 cents per barrel.