Oil prices spiked above US$67 as tensions mounted over Iran's nuclear program, amid reports that Royal Dutch Shell, the biggest operator in Nigeria, could take around a month to restart most of the country's shut-in oil production and fund money flowed into the market on the first day of the new quarter. May-dated US light crude futures were up at US$67.75.
Iran successfully test-fired a new high-speed torpedo on Sunday, coinciding with a critical phase in the dispute over Tehran's nuclear ambitions, which the US alleges is cover for a weapons program. Last week, Tehran categorically ruled out complying with a UN Security Council statement calling on it to halt uranium enrichment.
Oil prices are now nearing their all time high of US$70.85, as demand for crude increases due to the approaching US summer driving season.
04-Apr-06 
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