Oil prices clawed back some of their heavy losses after touching 12-year lows earlier in the session. The initial tumble was brought by lifting the international sanctions on Iran, opening the door for more oil exports by the Islamic Republic into the already saturated markets, and putting thereof more pressure on oil prices. It is estimated that Iran could pump as much as one million barrels a year after the sanctions relief, according to Iran's oil minister.

Brent crude futures edged up 33 cents to $29.28 a barrel, after plumbing their lowest level since 2003 earlier at $27.67. U.S. crude futures were strongly in a premium position over Brent, gaining 23 cents to trade at $29.65 a barrel, away from a 12-year low at $28.37.

Dollar inched up amid the chaos, with its index rising 0.12% to 99.09. It rose a respectable 0.20% versus the euro to 1.0894, while climbing 0.19% against the yen to 117.28.

The bruised sterling rose from the dust after a hammering last week, advancing 0.23% against the greenback to 1.4290, while jumping 0.44% versus the euro to 0.7623. Sterling gained 0.45% against the yen to 167.59.

Metal prices benefited from a late stabilization in Chinese equity markets, with copper futures powering up 1.20% to $1.967 a pound. Silver edged up 0.21%, or 3 cents to $13.92 an ounce. Gold lacked luck however, slipping 0.10%, or $1.10 to $1,089.10 an ounce.