Oil prices rise sharply

Oil prices were up sharply today, rebounding from recent lows as traders took their cues from continued nuclear concerns over Iran, a key crude producer and rising stock markets globally.

In late afternoon London deals, Brent North Sea crude for delivery in July was up $2.01 to $100.85 per barrel.

New York's main contract, West Texas Intermediate crude for delivery in July rose $1.60 to $85.89.

According to some analysts, a slight brightening of sentiment on the financial markets coupled with a weaker US dollar was pushing oil prices upwards.

European and US stock markets surged today, on positive sentiment generated by ECB's decision to pump cash into beleaguered eurozone banks even if it required keeping interest rates on hold.

ECB chief Mario Draghi sought to downplay the eurozone debt crisis after the central bank retained the 1.0 per cent interest rate, saying it was unlike the situation following the 2008 Lehman Brothers bankruptcy which sent global markets into a tailspin.