WASHINGTON, March 19 (UPI) -- Shell has rejected accusations the increased price of oil, and thus profits, can be linked directly to the Iraq war.

In a letter to the advocacy group Consumers for Peace, the company also said it won't transfer the so-called war profits to a special fund as the organization requested.

"The proposals in your letter are based on the contention that there is a direct causal relationship between profits achieved by some oil companies in the last few years and increases in the oil price linked to some degree to the war in Iraq," Shell Corporate Affairs Director Roxanne Decyk wrote in the letter obtained by United Press International. "We reject this contention."

Decyk said there were "many and various factors" that move the price of oil.

Geopolitics, the value of the dollar, increased demand, tight supply and traders are all considered players in the price of oil, which sold in the high $50 per barrel range a year ago and is now more than $100 per barrel.