Russian energy minister Alexander Novak said Thursday geopolitical tensions, including potential re-imposition of Iranian sanctions, has added $5-$7 a barrel to the oil price. Oil prices have reached their highest since November 2014, with Brent crude piercing the $80 a barrel level at various points in the past week as supply risks related to Venezuela and Iran have buoyed on the market. “Without doubt, the market is reacting sharply to such announcements as the US withdrawal from the nuclear deal, and this means uncertainty regarding Iran’s production. In my view, from $5/b to $7/b in oil price today is risks associated with the situation in Iran,” Novak said in an interview with the Echo Moskvy radio station.