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Home >> Business
UPDATED: 08:14, May 31, 2006
Oil prices surge above 72 dollars
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World crude oil prices surged above 72 dollars Tuesday amid concerns over Iran and a coming active hurricanes season.

New York's main contract, light sweet crude for delivery in July, rose 66 cents to close at 72.03 dollars a barrel.

In London, Brent North Sea crude for July delivery climbed 46 cents to 71.05 dollars a barrel.

Traders are still concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities. Iranian foreign ministry spokesman Hamid-Reza Asefi said on Tuesday that Iran would continue its uranium enrichment activities despite growing pressure for a halt.

Foreign ministers from the five permanent members of the UN Security Council -- the United States, Russia, China, Britain and France -- plus Germany will meet in Vienna on Thursday to discuss a new package of both incentives and penalties in a bid to persuade Iran to give up uranium enrichment.

Meanwhile, the six-month Atlantic hurricane season, which starts in June and end in November, would be very active, although is unlikely to reach the records set last year, when there were 28 tropical storms, 15 of which strengthened into hurricanes, according to U.S. National Weather Service.

Source: Xinhua

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