Economics

Oil Jumps as Trump's Hawkish Appointment Trips `Bolton Premium'

Crude in New York posted biggest weekly gain since July
Trump appointed John Bolton as national security adviser

General Economic Imagery From North Dakota Ahead Of The Republican Caucus — Photographer: Daniel Acker/Bloomberg

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By Jessica Summers and Meenal Vamburkar

March 23, 2018 at 1:11 AM UTC

Updated on

March 23, 2018 at 7:20 PM UTC

This article is for subscribers only.

Crude posted its biggest weekly gain since July as the appointment of a hardliner for U.S. national security adviser fueled speculation sanctions on Iran will be re-imposed.

Futures in New York climbed 5.7 percent this week. President Donald Trump is taking a hawkish foreign-policy turn by picking John Bolton for the job, drawing the market’s attention to one of OPEC’s largest producers.