Crude prices rallied Monday hitting a 2007 high over 63 U.S. dollars a barrel on Monday on Iranian tensions.

Light, sweet crude traded up 63 cents to 62.91 dollars a barrel at New York Mercantile Exchange, after hitting a three-month high of 63.30 dollars in the early trading.

Brent crude gained 88 cents to 64.06 dollars a barrel.

On Sunday, Iran said it would limit cooperation with the United Nations and resolved not to halt atomic work after the Security Council voted to impose new sanctions.

Crude prices rose on Friday after Iran, the world's fourth- largest oil exporter, seized 15 British naval personnel in the Gulf.