Bloomberg, ICEBrent crude futures hit $70 a barrel for the first time since September after US President Donald Trump warned Iran to make a nuclear deal or face military strikes. Instead, geopolitical tensions from Iran to Venezuela and major supply disruption in Kazakhstan have helped to bolster prices. “The potential for Iran getting hit has escalated the geopolitical premium of oil prices by potentially $3 to $4 a barrel,” Citigroup analysts including Anthony Yuen said in a note. Trump has repeatedly issued warnings on Iran, but those have most recently been linked to Tehran’s deadly crackdown on protests rather than its nuclear activities. In response, Iran has said it stands ready for dialogue but warned it would respond with unprecedented force if pushed.