Oil surged almost $3 dollar to the highest of $108.22 from the lowest at $105.15 on news from Reuters showing that Iranian oil exports will fall by 300K barrels a day as a result to the tighter sanctions, fueling supply worries; and as computer buying orders were triggered.

Crude is trading as of this writing around the $107.10. Meanwhile Brent is trading around the $125.10 level after rising as much as 1.61% during today's session.