World oil prices this evening struck the highest points so far in 2007, reaching above $64 a barrel in London, as the market fretted over rising tensions in major crude producer Iran, traders said.
In London, the price of Brent North Sea crude for May delivery jumped $1.10 to $64.28 a barrel in electronic deals. It had earlier struck $64.38- the highest point since 4 December.
New York's main oil futures contract, light sweet crude for delivery in May, gained 54 cents to $62.82 in pit trading. Earlier Monday it reached $63.30 - last seen on 21 December.
The White House today urged Iran to rethink a threat to limit cooperation with the UN nuclear watchdog agency and insisted Tehran bow to international demands to freeze sensitive atomic work.
Iran, the world's fourth-biggest producer of oil, said yesterday it would restrict its cooperation with the UN nuclear watchdog in retaliation for fresh Security Council sanctions over its disputed atomic programme.
The United Nations Security Council voted unanimously Saturday to impose the sanctions in a bid to pressure Iran into freezing its uranium enrichment programme.
This followed news on Friday that Iran had seized 15 British personnel in the Gulf, a move which unsettled the market.
