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Oil prices jump 4% to 2-month high as tensions rise in Middle East
Business World Philippines
|June 13, 2025
Oil prices rose more than 4% on Wednesday, to their highest in more than two months, after sources said the US was preparing to evacuate its Iraqi embassy due to heightened security concerns in the Middle East.
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Brent crude futures settled $2.90, or 4.34%, higher to $69.77 a barrel. US West Texas Intermediate (WTI) crude gained $3.17, or 4.88%, to $68.15. Both Brent and WTI reached their highest since early April.
Surprised traders bought crude futures on reports the US was preparing to evacuate its embassy in Iraq, the Organization of the Petroleum Exporting Countries' (OPEC) No. 2 crude producer after Saudi Arabia. A US official said military dependents could also leave Bahrain.
"The market wasn't expecting this big geopolitical risk," said Phil Flynn, analyst at Price Futures Group.
Earlier, Iran's Minister of Defense Aziz Nasirzadeh said Tehran will strike US bases in the region if nuclear talks fail and conflict arises with Washington.
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