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Iran oil prices hike 2012 02 20

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Oil price hits eight-month high as Iran halts exports
Brent crude more than $120 per barrel on Monday, highest level since June 2011
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Iran to accept payment for oil in gold
Iran will accept gold instead of dollars from trading partners due to sanctions
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Iranian oil industry hit by cyber-attack
Iran forced to disconnect key oil facilities after cyber-attack late Sunday
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US slams Iran with fresh sanctions
US vows to "continue to ratchet up the pressure" on Iran's controversial nuclear program.
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Iran plotting to spill oil in Strait of Hormuz, magazine claims
According to Der Spiegel, Iran could try to punish the West by deliberately causing an environmental disaster.
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Iran oil prices hike 2012 02 20

Iran insists its nuclear program is peaceful and was enraged by the EU’s decision in January to impose a boycott on its oil. It responded by threatening to close the Strait of Hormuz (pictured), the primary Gulf oil shipping lane.

MARWAN NAAMANI
AFP/Getty Images