Oil jumps over 4% as US orders partial Iraq embassy exit
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The news: Oil surged more than 4% to a two-month high amid reports the US ordered a partial evacuation of its embassy in Iraq amid rising security risks in the Middle East.
The numbers: West Texas Intermediate futures gained 4.88% to USD68.15 and Brent rose 4.34% to USD69.77, the highest levels since early April.
The context: Traders bought crude futures after speculation about possible supply disruptions in the Middle East intensified. That came after AFP reported that Iran threatened to target US military bases in the region if conflict breaks out and as the UK Navy also warned tensions could affect shipping in critical waterways.
It advised vessels to use caution while travelling through the Gulf, the Gulf of Oman and the Straits of Hormuz, which all border Iran.
Meanwhile, Donald Trump said in a podcast released Wednesday local time that he’s “less confident” about a nuclear deal with Tehran.
