Oil price hits eight month high
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Tuesday, February 21, 2012
The price of oil has reached its highest level since June last year due to rising tensions over Iran's nuclear programme.
Benchmark US light crude rose 1.7% to $105.01 a barrel and brent crude futures rose $1.14 to $120.72 a barrel. On Sunday, the country's oil ministry said it had halted oil sales to British and French companies. The cost of fuel has also risen. In the UK the price of diesel has hit a new high, at 143.16 pence a litre. The figures, from Experian Catalyst, also show the price of a litre of unleaded petrol has reached 135.39 pence.
Iran is the world's fifth-largest oil exporter.