(Bloomberg) -- Crude futures in New York topped $70 a barrel for the first time since November 2014 as traders brace for a re-imposition of U.S. sanctions on Iran that risks disrupting exports from OPEC's third-largest producer. Oil has rallied 16 percent so far this year as OPEC and allied producers crimp a global glut and geopolitical risks multiply in the Mideast region that's home to almost half the world's crude.
To contact the reporter on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net.
To contact the editors responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net, Pratish Narayanan at pnarayanan9@bloomberg.net, Matt Turner
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