The Organization of Petroleum Exporting Countries' price of crude oil jumped to a record high of $62.65 per barrel on Monday, following a consecutive price rise for two weeks in a row.
This latest figure is $1.28 higher than the record of $61.37 set in 2005.
Concerns over the possible supply disruption from Iran, the world' s fourth largest oil producer, contributed to the sharp increase in oil price.
Despite the U.N. Security Council's calling on Iran to suspend all nuclear enrichment activities, Iran has remained defiant.
Iranian President Mahmoud Ahmadinejad said on Monday he won't end his country's nuclear research, following reports that the U.S. is considering plans for military strikes against Iran's nuclear facilities.
The volatile situation in Nigeria further rattled the oil market, thought Nigerian President Olusegun Obasanjo has promised to set up a special committee for solving the crisis.
