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Oil prices plunged more than 2% Wednesday after reports that President Trump was considering easing sanctions on Iran, which could increase global crude oil supply at a time when concerns about global energy demand lingered.
Market participants cited a Bloomberg report that Trump discussed easing sanctions on Iran to ensure a meeting with Iranian President Ruhani later this month.
The Bloomberg report quoted three unnamed sources as saying that Bolton, then the U.S. national security adviser, opposed the move.
Brent crude oil futures fell $1.57, or 2.5%, to close at $60.81 a barrel, hitting a low of $60.52 a barrel. U.S. crude oil futures fell $1.65, or 2.9%, to close at $55.75 a barrel, once falling to $55.61 a barrel.
Bolton was dismissed and one of the strongest supporters of the Trump administration's tough line towards Iran left the White House.
"The reason why the market reacted so strongly is that the biggest bearish threat on the market is that Iranian oil is likely to re-enter the market," said Phil Flynn, an analyst at Price Futures Group in Chicago. "At the end of last year, Trump granted Iranian oil's biggest buyer immunity, and we realized how much it affected the market. "
"Bolton's departure suggests that [Iran] oil may return to the market, perhaps at the end of this year."
According to Iranian state media reports, Iranian President Ruhani told French President Mark Ron by telephone Wednesday that Iran will not negotiate with the United States while sanctions against Iran are still being imposed by the United States.
OPEC downgraded its forecast for global oil demand growth in 2020 as the economy slowed down. The American Energy Information Association (EIA) also lowered its forecast for oil demand this week, with oil traders and executives attending industry meetings in Singapore and Abu Dhabi warning of signs of slowing growth.


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