Oil futures in New York zeroed in on $70 a barrel as traders brace for a re-imposition of U.S. sanctions on Iran. Prices jumped 1.9 percent on Friday to close at the highest level since November 2014. Even though U.S. President Donald Trump has yet to announce whether he’ll pull out of the 2015 Iranian nuclear deal as a May 12 deadline nears, American officials already are positioning for post-accord negotiations. New sanctions could disrupt crude exports from OPEC’s third-largest producer. A rally in equities also pulled oil higher. “It’s a psychological level,” said Michael Wittner, the head of commodities research at Societe Generale SA in New York. “Geopolitics has been a very key driver in the market and it’s continuing.”