The uranium spot price just keeps on ticking. So far in September, U3O8 has inched its way back to $34, a $1.25 jump from last week's spot price of $32.75. While the recent price spike is certainly a welcome sight for the market, which has been waiting for prices to pick up in the years since the Fukushima nuclear disaster, some are not convinced the gain will last. This year, uranium has averaged $31.87. However, since May's low of $28, prices have encouragingly gained 21 percent. Looking for a reason for the recent price rise, Bloomberg points to new sanctions against Russia over its conflict with Ukraine. Investors are no doubt familiar with Russia as an enricher of nuclear fuel for western utilities, and with both the United States and the European Union upping their sanctions, concerns are mounting that the Ukraine-Russia crisis will escalate. Should the conflict continue, the worry is that enriched nuclear fuel supply could be squeezed. On a different note, the two-week strike at Cameco's (TSX: CCO,NYSE:CCJ) McArthur River and Rabbit Lake mines was expected to shake things up. However, a September 12 press release indicates that Cameco, the world's largest diversified uranium producer, has reached a "tentative" agreement with its employees. Uranium consultancy firm UxC commented to Bloomberg that "[t]he market may need some more time to digest the recent announcements about McArthur River and additional Russian sanctions to determine any additional impacts on price." Will prices stay higher? Well, according to Bloomberg, the answer to that question is "no." The news outlet estimates that for the final quarter of 2014, uranium will average $32.50 per pound.