Oil Prices Surge Above 74 Dollars

World oil prices surged above 74 dollars Monday amid concerns over the Middle East. New York's main contract, light sweet crude for delivery in September, climbed 1.16 dollars at 74.40 dollars per barrel in closing trades. In London, Brent North Sea crude for September delivery surged 1.76 dollars to settle at 75.15 dollars per barrel. Traders are concerned over the violence between Israel and Hezbollah, which could spread to crude-producing nations in the Middle East. The Israeli army launched an airstrike in support of a ground operation against Hezbollah guerrillas near the southern Lebanese border village of Taibe on Monday. Meanwhile, traders worry about the possibility that Iran's oil exports would halt if the United Nations imposed international sanctions on Teheran for its nuclear activities. The UN Security Council passed a resolution on Monday urging Iran to stop uranium enrichment by August 31 or face possible economic and diplomatic sanctions.