Oil hits $104 amid fresh Suez Canal fears

Brent crude oil has soared to $104 dollars a barrel amid fresh concerns over the Suez Canal in the Middle East.

The price of the commodity surged after Avigdor Lieberman, the Israeli foreign minister, announced two Iranian warships planned to sail through the Suez Canal - a major transport route for oil - to Syria, the Telegraph reports. Lieberman dubbed the plans a "provocation" by Iran, while posing a major threat due to the country's nuclear arms programme. However, the Suez Canal Authority's head of traffic Ahmed El Manakhly said he had not been told about any Iranian warships with plans to travel through the waterway. In order to pass through, military ships must first gain permission from...