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Oil Prices Rise Above $70 as UN's Iran Deadline Looms

Crude oil rose above $70 a barrel Wednesday, as the United Nations deadline for Iran to suspend nuclear enrichment approaches.

The New York price of oil for future delivery rose about 50 cents, to $70, 24 cents a barrel. In London, Brent crude moved up about 60 cents, to $70.46. On Tuesday, both contracts closed below $70.

The U.N. Security Council is threatening Iran with sanctions if it does not halt uranium enrichment by Thursday.

Analysts say sanctions could lead to a supply disruption from Iran, which could spark a major spike in oil prices.

Some information for this report was provided by AP and Reuters.