The world’s fourth-biggest oil exporter Iran said it would not abandon the right to nuclear technology and Israel moved naval vessels into Lebanon’s waters to impose a blockade.

US crude futures traded 70 cents higher at $  75.65 a barrel by 0825 GMT, after hitting a record of $  75.89 as gains came on top of Wednesday’s 79-cent rally. London Brent traded up $  1.02 at $  75.41 a barrel after a record $  75.60.

"Geopolitical risk is out of control," said Tony Nunan, a manager of risk management at Mitsubishi Corp.

"There’s a pipeline attack in Nigeria, Israel is taking a strong stance and that’s adding fuel to the fire, but more than anything it’s US gasoline demand holding up and the Iran situation."

Iranian President Mahmoud Ahmadinejad said on Thursday the world’s fourth-largest oil exporter would not abandon its right to nuclear technology after Tehran’s case was referred back to the UN Security Council over its nuclear dispute with the West.

In the world’s eight-largest exporter Nigeria, two suspected explosions at a crude oil pipeline operated by Italy’s Agip and feeding the Brass oil terminal caused massive oil spills in Nigeria’s southern state of Bayelsa, state government officials said on Thursday. Output has already been cut by militant attacks.