Here go the oil prices again!

Reuters Business Channel Reuters.com:

"SINGAPORE, April 17 (Reuters) - Oil leapt to $70 a barrel for the first time in seven and a half months on Monday, extending strong gains made last week as tension mounted between Iran and the West over Tehran's nuclear ambitions.

'The drama over Iran's face-off with the West, the rise of insurgency in Nigeria and gasoline supply concerns in the U.S. ahead of the driving season are keeping a high floor under oil,' said Victor Shum at consultancy Purvin & Gertz in Singapore.
U.S. May crude oil futures rose 66 cents to $69.98 a barrel by 0205 GMT, having touched $70 earlier, its highest since Hurricane Katrina battered the U.S. Gulf Coast in late August last year, sending U.S. prices to a $70.85 record high. "