Oil prices surge over 4% amid escalating tensions in the Middle East
U.S. withdraws non-essential personnel from Iraq Embassy
Iran warns of possible attacks on all U.S. bases if nuclear talks fail
As nuclear negotiations between the United States and Iran remain uncertain and geopolitical tensions in the Middle East intensify, international oil prices surged by more than 4% on June 11 (local time).
On this day at the ICE Futures Exchange, the front-month Brent crude oil futures closed at $69.77 per barrel, up $2.90 (4.34%) from the previous session. At the New York Mercantile Exchange, the front-month West Texas Intermediate (WTI) crude oil futures settled at $68.15 per barrel, rising $3.17 (4.88%) from the previous session.
This is the first time in two months that Brent crude prices have risen above the $69 per barrel mark since President Donald Trump announced reciprocal tariff policies in early April. International oil prices, which had been strengthening on news that the United States and China had reached agreements on rare earth supplies from China to the U.S. and on permitting Chinese students to study in the U.S. during their second round of trade negotiations, saw their gains accelerate due to heightened tensions in the Middle East.
According to AP and other outlets, the U.S. government has ordered the withdrawal of non-essential personnel from the U.S. Embassy in Iraq, citing increased security risks in the Middle East. It was also reported that Bahrain and Kuwait have allowed the withdrawal of non-essential staff and their families. Phil Flynn, senior analyst at Price Futures Group, commented, "The market was not expecting such a significant geopolitical risk."
As the sixth round of nuclear negotiations between the United States and Iran is expected to take place soon, Iran has warned that it could attack all U.S. military bases in the Middle East if the talks break down and conflict arises. Previously, Iranian Defense Minister Aziz Nasirzadeh stated, "If the negotiations fail and conflict is forced upon us, the damage to the other side will be much greater than to us, and the United States will have to leave the region." He added, "All U.S. bases in the region are within our range, and we will not hesitate to attack all bases."
The sixth round of nuclear negotiations between the United States and Iran is expected to be held soon. The United States announced that the sixth round would be held on June 12, while Iran previously stated it would take place on June 15.
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