The Trump administration's chief environmental regulator signaled a coming showdown with California, warning that the state won't dictate the future of ambitious automobile fuel economy regulations enacted by the Obama administration.

• The removal of Rex Tillerson as secretary of State injects uncertainty into the oil market and puts the fate of the Iran nuclear deal in question, analysts say.
• President Donald Trump shares secretary of State pick Mike Pompeo's hawkish views on the international nuclear accord.
• The collapse of the deal, as well as the prospect of new sanctions on Venezuela, could disrupt oil supplies and send prices higher.

The oil market has come to be defined by several narratives over the past couple of years: market rebalancing, OPEC versus shale, Russia’s delicate relationship with OPEC, OPEC’s conformity with production cuts with the latest deal extension running to end of 2018 and shale’s resilience to lower prices. But these frameworks have created a narrow ideology that could harm the way producers participate in the oil market this year and beyond.