Oil prices rocket to highest level since 2008

Brent crude jumped $5.74 to $128.40 per barrel in New York on Thursday, the highest since July 2008, although prices fell back in Asia overnight after Saudi officials denied the reports. Saudi Arabia is the world's biggest oil producer. It was the latest in a number of events which have pushed crude prices higher. The report of an explosion in the Iranian media follows months of growing tension over Iran concernings its nuclear programme. The US has imposed fresh sanctions against Tehran targeting the country's oil exports, while the EU has banned all imports of Iranian oil. ...