Oil prices got a boost today after a bailout package for Spain revived demand for oil growth.

The $100bn package calmed some of the fears in financial markets regarding Europe’s debt crisis, boosting Asian shares, the euro and base metals, reported Reuters.

Brent rose by $2.06 to $102.21 a barrel, its greatest high since 1 March, while US crude climbed by $2.01 to $86.64.

Meanwhile, supply concerns continued as a UN nuclear watchdog and Iran failed to unblock a probe into suspected atom bomb research carried out by the Islamic state.