WTI adds 48 cents per barrel

The price of crude oil was higher on Monday after Iran said once again that it will not stop its uranium enrichment program, raising new fears of conflict with the West.  The United Nations has told Iran to suspend its nuclear program by August 31 if it does not want to have sanctions imposed, but Iran said it was not ready to halt the program.  In addition, it said recently that it was prepared to use the oil it exports as a weapon against the West in pursuing its nuclear ambitions.

Brent crude for October delivery was 77 cents higher to $73.07 per barrel in London, while West Texas Intermediate crude September contracts were trading  48 cents higher to $71.62 per barrel on the New York Mercantile Exchange.