Geopolitical tensions between the U.S. and Iran have pushed oil prices to seven-month highs, as markets factor in a sizable risk premium ahead of critical negotiations. Despite heavy sanctions by the West, Iran’s oil output has recovered to near pre-sanctions levels thanks to the OPEC producer offering discounted crude and having a ready market by Chinese independent refiners. According to energy market consultancy FGE NexantECA, oil prices could spike to $100 per barrel if Washington declares war on Tehran, good for nearly ~45% upside…