Oil Prices Plunge After Trump-Iran Sanctions Headlines

WTI crude was sliding after mixed inventory data, but accelerated the losses, breaking below yesterday's lows, after headlines suggesting Bolton was fired after disagreeing with Trump's desire to ease Iran sanctions to get a meeting with Rouhani.

The reaction in crude (more supply) was instant...

(Click on image to enlarge)

As Bloomberg reports, President Trump discussed easing sanctions on Iran to help secure a meeting with Iranian President Hassan Rouhani later this month, prompting then-National Security Advisor John Bolton to argue forcefully against such a step, according to three people familiar with the matter.

After an Oval Office meeting on Monday when the idea came up, Treasury Secretary Steven Mnuchin voiced his support for the move as a way to restart negotiations with Iran, some of the people said.

And we know how it ended, later that day, Trump decided to oust Bolton, whose departure was announced Tuesday.

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