Oil markets rose today as tensions grew between Iran and the West, in addition to positive US economic data supporting prices.

Brent crude gained 47cents to $124.09 a barrel, while US crude was up by 73 cents at $108.56.

European and Asian buyers of Iranian crude have, or are intending to, cut imports from Tehran after a UN nuclear watchdog mission ended in failure this week, reports Reuters.

Meanwhile, consumption of refined oil products in the US stood at the lowest level in nearly 15 years, according to data from the Energy Information Administration.