Oil surges, hits $70.

Crude prices surge in early trade, hitting a seven and a half month record due to increasing tensions between Iran and the West. LONDON (Reuters) - U.S. crude oil prices hit $70 on Monday, the highest level for nearly eight months, as Iran's pursuit of its nuclear program heightened fears the U.S. might take military action against the oil-producing nation. U.S. light sweet crude was trading 50 cents higher at $69.80, off a session high of $70.