LONDON: North Sea Brent crude oil rose $1 a barrel on Tuesday, supported by hopes that Greece could agree a deal with creditors, helping resolve the euro zone's debt crisis.
Oil supply worries also supported fuel prices as tension continued between Iran and the West over Tehran's nuclear programme.
Brent futures for March rose to a high of $111.75, exactly $1 higher, following US crude futures, which earlier jumped $1.17 to a high of $99.95.
The euro rose and world shares recovered on hopes of a deal this week to free up the next tranche of aid for Greece.
The euro gained after Greek Prime Minister Lucas Papademos said negotiators had made "significant progress" in talks to strike a restructuring deal on government debt and aimed to have a definitive agreement by the end of this week.