Oil prices closed at the highest level in eight weeks on Friday, lifted by declining global supply along with the possibility of fresh Iran sanctions. Light, sweet crude for May delivery rose $1.58, or 2.5%, to $65.88 a barrel on the New York Mercantile Exchange, the highest settle value since Jan. 26. Brent, the global benchmark, gained $1.54, or 2.2%, to $70.45 a barrel. Uncertainty over the state of the Iran nuclear deal has increased in recent weeks, supporting oil prices as market participants gauge whether President Donald Trump will scrap the 2015 agreement and reimpose economic sanctions, impacting the country’s oil output. Those concerns escalated on Thursday after Mr. Trump named John Bolton as his new national security adviser, as the former ambassador is expected to take tougher stances against Iran and North Korea. “There’s some raised geopolitical risk premium from the naming of John Bolton as the […]