Special report: Oil price breaks $70 mark as Iran nuke tension simmers

    NEW YORK, May 1 (Xinhua) -- World crude oil prices surged to near 74 dollars Monday amid continued worries over Iran and Bolivia.

    New York's main contract, light sweet crude for delivery in June, rose 1.82 dollars to close at 73.70 dollars a barrel. On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery was up 1.87 dollars to finish at 73.89 dollars a barrel.

    Traders are concerned about the possibilities that Iran's oil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities.U.S. Secretary of State Condoleezza Rice said on Sunday that the United States might seek actions against Iran outside the United Nations Security Council.

    The UN Security Council on Friday received IAEA's report on Iran, which says Tehran failed to comply with UN deadline to end uranium enrichment activities.

    The United States, along with Britain and France, have been hoping to push the United Nations Security Council to pass a resolution to punish Iran for its noncompliance. However, Russia has been reluctant to see Iran under sanctions.

    Bolivian President Evo Morales issued a formal decree to nationalise crude and natural gas resources, the AFP reported. The measure is expected to affect about 20 foreign oil companies, including Spain's Repsol, Petrobras of Brazil, Britain's BP and British Gas and French group Total.

    Bolivia has the second-highest natural gas reserves in Latin America, behind Venezuela. It has an estimated 54 trillion cubic feet of natural gas reserves. Enditem