The U.S. State Department laid down the gauntlet as the United States threatened to slap sanctions on countries and companies that don’t cut oil imports from Iran to “zero” by Nov. 4. That’s right, zero, zip, nada you name it. There will be no waivers granted at this point and the United States is going to issue penalties to those that decide to buy Iranian oil.
Saudi Arabia and Russia just destroyed the oil price rally, potentially putting an end to all the speculation about what the group might do next. But higher production doesn't necessarily mean higher oil prices are entirely out of the question, and in fact, the oil market is still faced with a ton of uncertainty.

While many are thinking that the sharp rise in the price of oil is an overnight sensation, the reality is that this is a bull market that has been years in the making.

OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a supply glut that has weighed on world oil prices is succeeding.
Deputy Crown Prince Mohammed bin Salman, in charge of Saudi Arabia's reforms, left on Monday for Washington to meet President Donald Trump on a visit expected to promote the world's top oil exporter as an investment destination.
Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.
The Federal Reserve takes out its reference to "stabilizing oil prices" and the Saudi's are dropping hints of an oil production cut. This comes as U.S. oil production sputters and inventories falls. We may have just hit a bottom as crude oil companies quickly react and probably overreact regarding July's oil price crash.
After news that King Salman of Saudi Arabia had altered the line of succession and leadership of Saudi Aramco, oil prices steadied.

As we predicted shorts ran for the exits and accelerated buying after a stunning

Daily energy fundamentals with Phil Flynn