Oil prices have surged above $73 a barrel after Iran warned the U.S. that any "misbehavior" could endanger oil movements in the Persian Gulf.U.S. light crude for July delivery is up 82 cents or 1.1 percent at $73.15 a barrel in electronic trade on Monday, after reaching a high of $73.55 earlier. The figure is oil's highest price in three weeks. Oil futures reached $75.35 on April 21 and 24, the highest since trading began in 1983. London Brent crude rose 92 cents to $71.95 a barrel in Monday trade.
Iran's supreme leader, Ayatollah Ali Khamenei, said Sunday that any "misbehavior" directed at Iran would serve to disrupt Persian Gulf shipments. "In order to threaten Iran, you say that you can guarantee movements of oil through this region," he said, referring to shipments that pass through the strategic Strait of Hormuz near Iran and other countries.
About 17 million barrels a day -- 20 percent of the world's daily needs -- leave the Gulf region via oil tankers using the narrow passageway. Oil prices have also been boosted by production problems at U.S. refineries at the start of the peak northern summer driving season.