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Oil prices rose today as supply concerns in the Middle East overshadowed uncertainties over Greece’s struggle to avoid bankruptcy.

Investors are concerned about oil supplies as turmoil accelerated in Syria and Iran’s dispute with the West over Tehran’s nuclear programme continued.

Brent crude was up 75¢ at $118.10 a barrel while US crude oil rose over $1 to trade as high as $101.76 a barrel, reports Reuters.

Oil markets also face supply worries from South Sudan, after Sudan seized another 2.4 million barrels of crude over a continued dispute on payment issues.

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By GlobalData