Oil higher on political concerns

Crude oil prices were up again on Monday as the conflict with Iran over the Middle Eastern nation’s nuclear activity grew. Over the weekend, Iran announced that it will discontinue its allowance of surprise United Nations inspection of its nuclear facilities and that it will renew all aspects of its nuclear program.

IPE Brent crude for March delivery gained 67 cents to rise to $64.06 per barrel. Meanwhile, in electronic trade, March contract West Texas Intermediate crude oil on the New York Mercantile Exchange was up 65 cents to $66.02 per barrel.

Analysts said that traders were speculating that political conditions will get worse in the foreseeable future rather than getting better and that this will push oil prices higher than they are currently.