Oil Prices Fall After Trump Fires John Bolton

Oil prices ended lower on Tuesday, weighed down by Donald Trump’s announcement of the dismissal of his national security advisor John Bolton, a supporter of a maximalist position on Iran.

Brent crude oil from the North Sea for delivery in November was $ 62.38 in London, down 0.3% (or 21 cents) from Monday’s close.

In New York, the US barrel of WTI for delivery in October finished at 57.40 dollars, 0.8% (or 45 cents) less than the day before.

The courts plunged shortly after the announcement of the departure of Mr. Bolton, around 12:00 before stabilizing at the end of the session.

“I informed John Bolton last night that we no longer needed his services at the White House,” Trump said.

“I asked John his resignation, it was delivered to me this morning,” added the president, saying he will name his successor next week.

Mr. Bolton presented a different version, saying that he proposed to resign Monday night, to which the president would have replied, “Let’s talk about it tomorrow”.

This unexpected departure comes in any case in a particularly tense climate between the United States and Iran, a file on which Donald Trump has sent contradictory signals in recent weeks, between extreme firmness and willingness to negotiate.

“John Bolton was holding a hard line against Iran and was pushing for more sanctions against Tehran,” said Matt Smith of ClipperData.

“His dismissal paves the way for more flexibility even though the Trump administration does not intend to relieve the pressure,” added the expert.

An easing of the US-Iranian tensions is likely to reassure the markets on the supply of oil and thus to lower the prices of the black gold.

Before the announcement of the departure of Mr. Bolton, prices were significantly increased, supported by statements of Prince Abdel Aziz ben Salman, named Sunday by his father, the post of Minister of Energy of Saudi Arabia.

The new minister said Monday he is in favor of continuing the policy of declining oil production, while the main producers are preparing to seize the subject.

The Saudi prince stressed that his country’s oil policy, which accounts for one-third of the output of the Organization of the Petroleum Exporting Countries (OPEC), would not change course.