Oil prices climbed yesterday after Iraq demanded an end to UN sanctions and on reports that its President, Mr Saddam Hussein, might not allow unlimited access to weapons inspectors.

Benchmark Brent blend for June was up 45 cents at $14.66 a barrel by late afternoon.

Iraq warned that a new crisis could develop if the United Nations did not lift the trade embargo.

A statement issued by the ruling Ba'ath Party leadership and the Revolutionary Command Council after a joint meeting called for the implementation of a UN resolution "with no delay as a stepping stone to lifting the embargo completely and comprehensively." (See also page 4 BTW)