Light sweet crude for September delivery on the New York Mercantile Exchange rose $1.31 to settle at US$72.45 a barrel and October Brent on London's ICE Futures Exchange rose by over one dollar to settle at US$73.42 a barrel.Oil prices rose on Monday after Iran insisted that it will not suspend uranium enrichment - United Nations response at the end of the month is awaited by the market. Iran is reported to have turned away U.N. inspectors wanting to examine its underground nuclear site in an apparent violation of the Nuclear Nonproliferation Treaty. Ceasefire in Israel and Lebanon entered its seventh day, although Israel on Saturday conducted a pre-dawn commando raid deep into Lebanon's eastern Bekaa Valley, prompting U.N. Secretary-General Kofi Annan to declare the Israelis in violation of the Security Council truce resolution. Fears continue to abound of potential hurricanes that could strike Gulf of Mexico production and refining facilities.
22-Aug-06 
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