OIL PRICES CLIMB TO FIVE-MONTH PEAK

LONDON, OCTOBER 23 /SRNA/ – Global oil prices reached their highest level in five months today.

The price of North Sea Brent crude in London rose 2.8 per cent to more than $118 a barrel, triggering declines in US and European stock markets.

Oil prices climbed following a report by the US daily The New York Times that the United States and Israel were drawing up plans to resume strikes on Iran after the US elections in November.

Oil prices have risen by more than four per cent over the past week, adding to pressure on stock markets.