Oil prices rose as Europe’s funding worries ease, but anxiety about supply disruption from Iran remained.

Brent crude gained 38¢ to stand at $111.93 a barrel, while US crude rose 28¢ to $100.67.

EU foreign ministers will meet on 23 January 2012 to agree an oil embargo against Iran and a freeze on the assets of its central bank.

Investors were optimistic about Greece and its private bondholders reaching a deal to prevent a default, reports Reuters.