Oil markets rose this morning as prospects for demand growth look likely to improve, but supply concerns remained as Iran threatens to close the Strait of Hormuz.

Brent crude climbed by 32¢ to stand at $110.35 on Wednesday, while US crude gained 8¢ to $99.03.

Oil prices were supported by positive economic data, with prospects for demand growth from Europe and the US; however, investors were worried about African supply after South Sudan blamed Sudan for an air strike on a refugee camp, reports Reuters.