Oil markets rose today ahead of an informal EU summit on 23 May 2012, which will seek solutions to tackle the eurozone’s worsening debt crisis, including Greek political turmoil.

Another meeting, on the same day, will see major powers meet in Iran to discuss its nuclear programme, which the West has protested against for months.

On 21 May, the US Senate unanimously approved a package of new economic sanctions on Iran’s oil sector, reports Reuters.

Brent crude climbed 29 cents to $109.10 a barrel, while US crude rose 36 cents to $92.93 a barrel.

Rising crude stocks in the US and higher production from OPEC producers capped oil gains, but rising tension between Iran and the West may lift prices again.