Economics
Bolton Exit Shifts Outlook in Oil Market Roiled by Sanctions
- Firing could lead to ‘material de-escalation’ of Iran standoff
- Adviser was seen as opponent of extending Venezuelan waivers
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The firing of U.S. National Security Advisor John Bolton gave oil markets some near-term supply comfort, while analysts were divided on whether the move will lead to a longer term softening in U.S. foreign policy toward Iran and Venezuela.
Brent crude oil prices fell more than 2% after President Donald Trump announced via Twitter that he’d fired Bolton, widely held as one of his more hawkish foreign policy voices. Oil production in Iran has dropped by 40% and in Venezuela by 48% since Bolton took office in April 2018.