Oil prices are hovering just below 2005's record high of $70.85
Oil prices climbed to $70.70 a barrel as tension over Iran's nuclear ambitions dominate the market.
US light sweet crude futures rose 30 cents to $70.70 in Asian electronic trading.
London's Brent crude prices have already touched a record $71.46 a barrel on the IPE.
Iran's dispute with the international community has fuelled the price spike as have output disruption in Nigeria.