Global oil prices rise

London oil prices have hit their highest levels since the war in Iraq ended after the West's energy watchdog, the International Energy Agency, forewarned of possible supply problems on world markets heading into the northern winter.

Benchmark London Brent crude for November rose to $30.75 a barrel, a peak since the war ended in April. Prices have risen 17% in two weeks since an unexpected decision by OPEC to cut production this winter.