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Oil Climbing Up on Iran Issue

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.