Crude oil prices rose after Iran stated over the weekend it would pursue a nuclear research program in defiance of the United Nations. Iran, the world's fourth largest producer, stated on February 4th it would resume full scale uranium enrichment, a process used to develop a nuclear bomb, after being referred to the UN Security Council. Oil prices rose in London by more than a dollar to $66.62 per barrel on speculation Iran may retaliate by reducing oil exports, or possibly blockading the Persian Gulf.