Crude oil markets rose more than 4% in intraday trading Wednesday as tensions rose between the United States and Iran, with President Donald Trump saying he remained doubtful about the two countries' negotiations on a nuclear deal.
Brent crude rose $2.90 (4.3%) to close at $69.77 a barrel and West Texas Intermediate (WTI) crude rose $3.17 (4.9%) to $68.15 a barrel.
The United States is preparing to evacuate all non-essential personnel from the US Embassy in Baghdad, two State Department officials told NBC News without elaborating on the reason for the move.
Another official said the move was in line with former President Donald Trump's commitment to ensuring the safety of Americans, both at home and abroad.
He added that the move was to reduce the US mission in Iraq.
In addition, the United Kingdom Maritime Trade Operations (UKMTO), a unit under the Royal Navy that coordinates information between commercial shippers and the military, warned of rising tensions in the region that could potentially trigger increased military activity.
In a related development, President Donald Trump said he was losing confidence in the possibility of the United States and Iran reaching an agreement on the country's nuclear program that would ease the conflict in the Middle East.
Iranian Defense Minister Brigadier General Aziz warned that US military bases in the region were within striking distance of the Islamic Republic's armed forces.
The Islamic Republic News Agency (IRNA) stressed that Tehran would not hesitate to target all US bases if a war situation threatened the country's security.
