Word that the U.S. was evacuating some of its Iraqi embassy over heightened security concerns in the Middle East sent crude oil prices Wednesday up more than 4%, their highest level in more than two months. Both reached nearly $70 a barrel in trading.
Reuters reported surprised traders bought crude futures on reports the U.S. was preparing to evacuate its embassy in Iraq, OPEC’s No. 2 crude producer after Saudi Arabia. A U.S. official said military dependents could also leave Bahrain.
Brent crude, the global benchmark, rose $2.90 or 4.34% to settle at $69.77 a barrel.
US benchmark, West Texas Intermediate crude finished up $3.17 or 4.88% to reach $68.15 a barrel on the New York Mercantile Exchange.
It was the highest levels for both Brent and WTI since early April.
The concern among traders apparently also affected buying of Oklahoma energy stocks as most firms recorded gains for the day such as Vital Energy ending up 4% and LSB Industries up 5%.
But there were some losses including Stardust Power down 12%, Empire Petroleum 5% and Helmerich & Payne losing 4%.