World oil prices rose sharply Monday on concerns about reduction of the supply of crude oil in the key U.S. market, and worries that political problems may crimp supplies from Iran and other oil producers. Prices for London's benchmark Brent crude hit a record 71 dollars, 40 cents-a-barrel before easing slightly. Prices of U.S. crude for future delivery briefly touched 70 dollars a barrel in Asian trading.
Iran is in a stand-off with the United States and other nations over a nuclear program that Teheran says will be used to produce electricity, but that other nations fear could be used to build nuclear bombs. Iran is the world's fourth-largest oil producer and investors worry the dispute might lead Tehran to cut exports at a time when there is little spare capacity among other oil producers.