Oil prices eased from 3-1/2-year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production. Brent crude was down 5 cents at $77.07 a barrel by 0920 GMT. U.S. light crude oil was down 5 cents at $70.65. Both oil futures contracts hit their highest since November 2014 last week at $78 and $71.89 a barrel respectively as markets anticipated a sharp fall in Iranian crude supply once U.S. sanctions bite later this year. It is unclear how hard U.S. sanctions will hit Iran’s oil industry. A lot will depend on how other major oil consumers respond to Washington’s action against Tehran, which […]