Oil is trading significantly higher with WTI posting a 1.09% increase today
As risk assets take a tumble, oil is staying rather resilient following yesterday's decline.
WTI is back to trading near $65 levels, after holding on to support from the February swing high at $64.24.
Concerns of a trade war weighed on the commodity yesterday and not much has changed since then, as investors continue to weigh the consequences of a global trade war towards the oil market.
But the key to the surge today has been John Bolton's appointment as national security advisor. Bolton is famed for his hawkish views against North Korea and Iran, so it puts the chances of the US leaving the Iran deal even higher at this point.
That would mean the recently frozen sanctions would likely be reapplied to Iran once the US makes the decision to exit the nuclear deal.
