The Organization of Petroleum Exporting Countries' (OPEC) crude prices shot up to a record high of 62.65 U.S. dollars per barrel on Monday, following a consecutive price rise for two weeks, the OPEC Secretariat said on Tuesday.

This latest figure is 1.28 dollars higher than the record of 61.37 dollars set in 2005.

Concerns over the possible supply disruption from Iran, the world's fourth largest oil producer, contributed to the sharp increase in oil price.

Despite the U.N. Security Council's calling on Iran to suspend all nuclear enrichment activities, Iran has remained defiant.

Iranian President Mahmoud Ahmadinejad said on Monday he won't end his country's nuclear research, following reports that the U.S. is considering plans for military strikes against Iran's nuclear facilities.

Meanwhile, the U.S. government insisted its priority was to seek a diplomatic solution to the nuclear dispute with Iran, but did not deny that it has been stepping up military planning.

The volatile situation in Nigeria further rattled the oil market, thought Nigerian President Olusegun Obasanjo has promised to set up a special committee for solving the crisis.

Source: Xinhua