BP, Royal Dutch Shell, gas producer BG Group and Tullow Oil added between 2.5 and 9 per cent.

Banking shares also moved higher. UniCredit jumped 19.2 per cent, Societe General advanced 11.2 per cent, BNP Paribas added 5.6 per cent, HBOS surged 10.1 per cent and Barclays was up 8.4 per cent.

Across Europe, Britain's FTSE 100 rose 4.4 per cent, Germany's DAX gained 4.9 per cent and France's CAC rose 4.6 per cent.