Saudi Arabias oil minister, Ali Naimi, stated that the country would be able to step in and prevent any potential oil disruption to global oil supplies from the escalating tensions over the EU sanctions on Irans oil exports

The International Monetary Fund (IMF) has warned oil prices could jump by as much as 20-30 per cent if Iranian exports are disrupted by US and EU sanctions.

ConocoPhillips and Occidental Petroleum Corp (OXY) both posted better-than-expected Q4 earnings, rising 66 per cent and 35 per cent respectively, due to higher oil prices.

Baker Hughes reported a drop in profit for the fourth quarter owing to higher costs even as revenues increased 22 per cent from last year.