World crude oil prices hovered above 70 dollars on Thursday amid concern over Iran.

New York's main contract, light sweet crude for delivery in October, gained 23 cents to close at 70.26 dollars per barrel.

In London, Brent North Sea crude for delivery in October rose seven cents to settle at 70.25 dollars per barrel.

U.S. Undersecretary of State Nicholas Burns will meet next week in Berlin with his counterparts from Britain, China, France, Germany and Russia to draw up a package of sanctions against Iran, State Department spokesman Sean McCormack said Thursday.

Traders are worried that Iran's oil exports would stop if the United Nations imposes sanctions against Teheran for its nuclear activities. Iran is OPEC's second largest oil producer following Saudi Arabia, pumping 4 million barrels of crude oil and exporting 2.4 million barrels per day.

Source: Xinhua