Oil price and shares of Big Oil rise as UK-Iran tension simmers over tanker seizures

The tension between the UK and Iran over the seizures of oil tankers in recent weeks pushed the price of oil higher, and helped boost the shares of major oil companies.

Brent cruse, the global benchmark, rose by a significant 82c, or 1.3%, to $63.30 a barrel, building on its gains late last week when the dispute further escalated after Iranian forces seized a British-registered oil tanker.