US sanctions on Iran may cause oil prices to rise further, Russian energy minister Alexander Novak warned Wednesday, even as he said his country was prepared to increase its production if the market sees a supply crunch. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “There is potential for oil price growth,” Novak said at the Russia Energy Week conference in Moscow, adding that the sanctions are causing “major uncertainty for the markets.” Oil prices have surged in recent days to four-year highs over market fears that the OPEC/non-OPEC coalition may not be responsive enough to expected supply losses from Iran, and economically careening Venezuela. US President Donald Trump in May withdrew the US from the Iranian nuclear deal, announcing that sanctions targeting Iran’s crude exports would be reimposed November 5. S&P Global Platts Analytics expects Iranian crude and condensate exports to fall […]