Oil traded near $54 a barrel as increased tension between Iran and the U.S. countered expectations of rising American production. Futures rose 0.3 percent in New York, extending a third weekly gain. U.S. President Donald Trump’s administration imposed new sanctions on Iran and warned the Islamic Republic that it was “playing with fire” by testing missiles. U.S. drillers boosted the rig count by 17 to 583, the most since October 2015, according to Baker Hughes Inc. U.S. crude futures have fluctuated above $50 since the Organization of Petroleum Exporting Countries and 11 other nations started curbing output Jan. 1. While OPEC members have implemented most of their cuts and Russia says its own reductions are ahead of schedule, U.S. production has edged higher as drillers put more rigs to work. Rising tensions with Iran aren’t yet seen threatening a broader nuclear deal that lifted sanctions on the country’s oil […]