Oil prices rose this morning on hopes of a sustained recovery in the world’s top oil consumer US; however, the gain was capped by fears of the eurozone debt crisis spreading globally.

Brent crude rose by 55¢ to stand at $109.54 a barrel by, while US crude climbed 20¢ to $100.40.

Investors are now awaiting the US jobs report for further signs of economic growth after manufacturing activity rose to its highest level in five months.

Prices were further supported by the risk of a supply disruption by Iran, after the EU and US tightened their sanctions against Tehran on Thursday, reports Reuters.