U.S. crude oil futures rose more than 4% Wednesday as tensions escalated between the U.S. and Iran, with President Donald Trump expressing doubt that the two countries will reach a nuclear deal.
Brent crude futures rose $2.90, or 4.3%, to close at $69.77 a barrel. U.S. West Texas Intermediate crude gained $3.17, or 4.9%, to settle at $68.15.
The U.S. is preparing a partial evacuation of its embassy in Iraq due to heightened security risks in the region, sources told Reuters. The U.S. military has authorized the “voluntary departure” of troops’ dependents from the Middle East due to rising tensions with Iran, sources told the Associated Press.
Meanwhile, United Kingdom Maritime Trade Operations, a Royal Navy unit that exchanges information between commercial shippers and military forces, warned of increased tensions in the region that could lead to an “escalation of military activity.”
Trump said he is losing confidence that the U.S. and Iran can strike a deal over the Islamic Republic’s nuclear program that would avoid a war in the region.
