By Marcus Leach

As tensions rise over Iran's nuclear programme the price of oil has hit a new eight-month high.

With Iran halting oil sales to the UK and France due to the imposition of EU sanctions in July the price of a barrel of Brent crude rose to over $120 on Monday.

The debate centres around Iran's nuclear programme, which they claim is peaceful, but the UN's International Atomic Energy Agency says it has information suggesting Iran has carried out tests "relevant to the development of a nuclear explosive device".

Iran is the fifth biggest oil produce in the world.

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