Oil prices spiked by over one dollar after Iran resumed uranium enrichment and ended United Nations checks of its nuclear sites in response to being reported to the Security Council over concerns it is building nuclear weapons. Despite past assurances, that it will not use oil as a political weapon, dealers fear that deteriorating relations and intensified rhetoric on both sides could lead to a disruption in supplies from the world's fourth-largest exporter.
U.S. light crude jumped by US$1.25 a barrel in early trade to US$66.36. London Brent crude gained US$1.11 to US$64.50.
06-Feb-06 
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