Oil markets rose today as growing tensions between Iran and the West heightened the risk of disruptions to crude shipments by Iran, the world’s fifth-largest oil exporter.

Brent crude increased by 44¢ to $110.38 a barrel, after posting a weekly gain of more than 3% since mid-October.

US crude traded up 37¢ to $101.33 a barrel, a 4.3% gain last week.

Events in the Middle East overshadowed the ongoing debt crisis in Europe, which is entering a critical phase this week as European leaders get ready to unveil a definitive rescue plan at a crucial summit, according to Reuters.