Brent crude has risen to $123.88 a barrel today. Analysts believe the upbeat economic data from China and the US bolstered the demand outlook and concern persisted about supply disruption from Iran.
On demand side, a report on Wednesday showed the US economy grew faster than initially thought in the fourth quarter, and a Chinese government survey showed factories' output grew more than expected in February.
On supply side, uncertainties over future Iranian supplies and the continuing conflict in Syria also pushed the prices up.
Sources: Reuters & Bloomberg