Oil markets were calmer this afternoon, a day after the US government denied reports that the US and the UK plan to release some of their strategic crude reserves.
New York's main contract, light sweet crude for delivery in April was up 79 cents to $105.90 a barrel at midday. In London, Brent crude rose $1.74 to $124.34 per barrel.
Oil briefly dropped near $104 per barrel yesterday on reports over the strategic reserve before recouping most of the losses when the White House said there was no plan to provide more crude to markets.
The White House confirmed the issue was discussed by US President Barack Obama and British Prime Minister David Cameron, but denied that there was a pact.
The week's trading has seen investors weigh concerns over Middle East supply disruptions and a surge in US crude oil stockpiles.
The International Energy Agency on Wednesday said that Iran would lose about 45% of its oil exports - 800,000 barrels a day - from the middle of this year due to sanctions and pressures on its trading partners.
