OIL PRICES JUMPED 2 PERCENT ON MONDAY TO TOP $73 A BARREL ON CONCERNS THAT SUPPLIES COULD TAKE A HIT FROM IRAN'S DEFIANT PURSUIT OF ITS NUCLEAR PROGRAM AND VIOLENCE IN NIGERIA, REUTERS REPORTED. IPE BRENT CRUDE FUTURES IN LONDON GAINED $1.66 TO TRADE AT $73.68 A BARREL AFTER A FIRE SHUT ERG GROUP'S 160,000 BARREL-PER-DAY (BPD) IMPIANTI NORD REFINERY IN SICILY, ADDING TO SUPPLY WORRIES. U.S. LIGHT SWEET CRUDE ROSE $1.47 TO $73.35 A BARREL IN AFTERNOON ACTIVITY AS MARKETS REMAINED FIXED ON IRAN. IRAN VOWED SUNDAY TO CARRY ON PURSUING A NUCLEAR FUEL CYCLE AND TO STRIKE BACK IF IT IS ATTACKED. THE WORLD'S NUCLEAR WATCHDOG SAID LAST WEEK TEHRAN HAD IGNORED INTERNATIONAL CALLS TO ABANDON ITS ATOMIC PROGRAM. "IRAN CONTINUES TO BE A FACTOR WITH THE MARKET WAITING WHAT KIND OF SANCTIONS THE UNITED NATIONS (SECURITY COUNCIL) MIGHT IMPOSE AGAINST IT," SAID TOM KNIGHT, TRADER AT PRODUCTS MARKETER TRUMAN ARNOLD IN TEXARKANA, TEXAS. U.N. AMBASSADORS FROM THE UNITED STATES, BRITAIN AND FRANCE ARE EXPECTED TO INTRODUCE A SECURITY COUNCIL RESOLUTION THIS WEEK TO MAKE IRAN COMPLY WITH DEMANDS TO ENRICHMENT. FAILURE TO DO SO COULD RESULT IN LIMITED SANCTIONS, ALTHOUGH RUSSIA AND CHINA -- THE OTHER TWO VETO-WIELDING COUNCIL MEMBERS -- SAY THEY DO NOT FAVOR SUCH A MOVE FOR NOW. CONCERNS OVER IRAN'S GROWING STANDOFF WITH WESTERN NATIONS HELPED PUSH U.S. OIL TO A RECORD HIGH OF $75.35 A BARREL IN LATE APRIL. --MORE 2241 Local Time 1941 GMT
