Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018.
Simon Dawson | Bloomberg | Getty Images
U.S. crude oil futures rose more than 4% Wednesday on escalating tensions in the Middle East.
Brent crude futures rose $2.90, or 4.34%, to close at $69.77 barrel. U.S. West Texas Intermediate crude gained $3.17, or 4.88%, 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 warned of increased tensions in the region that could lead to an “escalation of military activity.”
President Donald Trump said he is losing confidence that the U.S. and Iran can strike a deal over the Islamic Republic’s nuclear deal that would avoid a war in the region.
“They seem to be delaying, and I think that’s a shame, but I’m less confident now than I would have been a couple of months ago,” Trump told the New York Post in a story that published early Wednesday. “Something happened to them, but I am much less confident of a deal being made.”
This is a developing story. Please check back for more updates.
