Oil rises to highest level in 9 months

Oil has shot up to a nine-month zenith after eurozone finance ministers agreed on a second bailout for Greece.

This has reduced trader concern that the ongoing debt crisis may slow the region's economy and consumption of the commodity.

Greece is now expected to experience an economic rebound, as financial leaders have approved the rescue package.

However, this week Iran - which is the world's fifth-largest oil exporter - cut off sales of the substance to the UK and France to pre-empt a ban imposed by the European Union on imports of its crude.

This action has been taken in response to the suspicion that the Middle Eastern country's nuclear programme is developing weapons.

Iran pledges that it will continue its atomic energy efforts, as a United Nations nuclear watchdog starts a second day of meetings in Tehran.

Ay 16:05 GMT today, Brent Crude Oil Futures were up 0.4 per cent, with one barrel costing nearly $120.5.