U.S. Imposes Fresh Sanctions on Iran Oil capped a third weekly gain as the U.S. imposed fresh sanctions on Iran after a missile test and OPEC reached about 60 percent of its output-cut target. Futures climbed 0.5 percent in New York. The new restrictions were announced as President Donald Trump seeks to punish Tehran for its ballistic missile program after warning the Islamic Republic that it’s “playing with fire.” The Organization of Petroleum Exporting Countries cut output by 840,000 barrels a day last month, according to a Bloomberg survey. “This is a knee-jerk reaction,” Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone. “Whenever there are headlines that have something to do with the Persian Gulf you will see a response in the market.” After posting the biggest annual gain in seven years in 2016, […]