“Combined with the nomination of Mike Pompeo, another hawk, at the State Department, most of the market will conclude that at the minimum the Iranian nuclear deal is dead,” Petromatrix analysts said Friday.

The appointment accelerated the likelihood of “oil wars,” Petromatrix said, which could be supportive for prices initially but, combined with trade wars, could cause a major risk to economic growth and for equity markets.

Link to the article: https://www.platts.com/latest-news/oil/london/crude-ticks-higher-on-opec-cut-extension-talk-26920674