World Crude Outstepped $70 Mark

World crude oil prices rallied above $70 on Friday amid worries over Iran.

New York's main contract, light sweet crude for delivery in June, rose 25 cents to end at $70.19 a barrel.

On London's ICE Futures exchange, the price of Brent North Sea crude for June delivery was up 66 cents to $70.95 a barrel.

Traders are still concerned about the possibilities that Iran'soil exports would halt if the United Nations imposes an international sanction on Teheran for its nuclear activities.

Iranian President Mahmud Ahmadinejad said Friday that Iran has joined the world's nuclear club. He said he regretted "injustice in the present international structure, the nonobservance of laws and the violation of the rights of people on the part of certain oppressive forces."

France and Britain, backed by the United States, introduced Wednesday a new draft resolution to the UN Security Council demanding Iran suspend all enrichment activities immediately or face possible sanctions.