Oil prices rose on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply. Benchmark Brent crude oil LCOc1 was up 60 cents a barrel at $75.33 by 0935 GMT. Brent was on track for gains of almost 5 percent this week. U.S. light crude CLc1 was 60 cents higher $68.43, heading for a gain of 3.8 percent this week. “Both crude markers are on track to end a steady run of weekly declines. This is largely due to a tightening fundamental outlook on the back of looming Iranian supply shortages,” said Stephen Brennock analyst at London brokerage PVM Oil Associates. The U.S. government re-imposed sanctions on Iran this month after withdrawing from a 2015 international nuclear deal, which […]