• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 12 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 hours NordStream2
  • 21 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 23 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 56 mins US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 3 days Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 2 days Storage of gas cylinders
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Flashcrashes After Trump Fires Security Advisor Bolton

A new deal between the United States and Iran may be on the horizon as US President Donald Trump just fired US National Security Advisor John Bolton—and oil prices are expected to take a turn for the worse.

"I informed John Bolton last night that his services are no longer needed at the White House. I disagreed strongly with many of his suggestions, as did others in the Administration, and therefore I asked John for his resignation, which was given to me this morning," Trump tweeted on Tuesday.

The move may go a long way to smoothing things out between Iran and the United States—a development that would have been hard to achieve with Bolton in office due to his persistent hardline stance against Iran.

The tensions between Iran and the United States has been played out most elaborately in the oil industry, fraught with oil tanker skirmishes that pulled in other US allies such as the UK. Gibraltar seized an Iranian oil tanker at the request of the United States after it suspected the tanker of carrying sanctioned Iranian oil to sanctioned Syria. Iran then seized a British tanker traveling through the Strait of Hormuz, claiming it had violated maritime laws.

Iran has threatened to close the Strait—the most important oil chokepoint in the world—on numerous occasions since the onset of sanctions, unnerving the oil industry.

While oil prices have weakened on demand fears due to the trade war between China and the United States, the tensions over Iranian oil have limited those losses. Now, with today’s administration reshuffling signaling a warming up to Iran, those trade war fears will run unchecked.

Oil prices had been trading up earlier in the day as OPEC renewed its commitment to the production quotas, and suggesting that it might extend the cuts again. By 12:28pm, WTI started to fall, reaching $57.71 (0.24%), with expectations of gloomier prices to come.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News