World crude oil prices soared above 71 dollars Friday amid concerns over Iran and Nigeria.

New York's main contract, light sweet crude for delivery in July, rose 1.28 dollars to close at 71.63 dollars per barrel.

In London, Brent North Sea crude for July delivery rallied 1.43 dollars to 70.48 dollars per barrel in closing deals.

U.S. President George W. Bush on Friday urged Iran to accept a package of incentives and abandon its nuclear weapons program or face the prospect of penalties.

Meanwhile, Iranian Foreign Minister Manouchehr Mottaki said his country will study the new proposals offered by six world powers carefully in coming days.

EU foreign policy chief Javier Solana on Tuesday presented Iran the six-nation proposal over Iran's disputed nuclear issue which had been agreed by the five permanent members of the UN Security Council plus Germany in a meeting in Vienna.

Source: Xinhua