Oil prices rise more than 4% on escalating Middle East tensions
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."
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