The market is having a wobble on the back of the potential impact on future supply from Iran and also for the ramifications for the Middle East as a whole
Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 per cent, from their last close
a number of analysts have warned that the 13 per cent rally since the start of the year could peter out in the short term due to global refinery maintenance and rising North American production
Petrol prices also soared nationwide, as crude oil surges to 2-1/2-year highs following the explosion at the Libyan Crude oil pipeline and OPEC-led supply cuts and Russia.
Brent crude futures, the international benchmark for oil prices, were at $65.25 a barrel, near the $65.83 per barrel briefly on December 12, the highest since June 2015
Saudi energy ministry official said in a speech in Washington on Monday
Opec and non-Opec producers including Russia have agreed to reduce output by about 1.8 million barrels per day until March