Oil rises on geopolitical tensions

<p>Oil has climbed on geopolitical tensions between the West and Iran.</p>

Oil has made gains in commodities trading this afternoon, as geopolitical tensions gave the black stuff a boost.

Tensions between the West and Iran have had a significant impact on the price of the fuel throughout the year and president Barack Obama is expected to reiterate his harsh standpoint in an upcoming speech to the United Nations General Assembly.

Iran's controversial nuclear development programme is at the heart of the issue, as the Middle Eastern country has prevented international authorities from inspecting all of its operations, giving rise to speculation the nation is developing weapons – which the government denies.

Obama – who is currently vying for a second term in office – is expected to tell the assembly that the US will do what is necessary to prevent Iran from making such devices.

At 16:30 BST, Brent Crude Oil Futures on the ICE Futures Europe index were one per cent higher to $110.94 per barrel, while West Texas Intermediate Crude Oil Futures on the ICE Futures US Index rose 0.9 per cent to $92.85 per barrel.

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