World crude price surged above 72 dollars Monday amid concerns over Iran.

New York's main contract, light sweet crude for delivery in September, rose 1.31 dollars to close at 72.45 dollars per barrel.

In London, Brent North Sea crude for delivery in October, climbed by 1.10 dollars to close at 73.40 dollars per barrel.

Traders worry about the possibility that Iran's oil exports would halt if the United Nations imposed international sanctions on Teheran for its nuclear activities.

Iran put on a defiant face on Monday in its nuclear standoff with the West, as its supreme leader vowed to continue the Islamic Republic's energy work and a nuclear official declared suspension of uranium enrichment "practically impossible."

The UN Security Council adopted a resolution last month urging Tehran to suspend by Aug. 31 all enrichment-related and reprocessing activities, including research and development, or face the prospect of sanctions.

Source: Xinhua