Oil Surges as US Orders Partial Evacuation of Iraqi Embassy

Oil surged as the US government ordered a partial evacuation of its embassy in Iraq amid rising security risks.

West Texas Intermediate futures jumped 4.9% to settle above $68 a barrel, the largest gain since October, as the Trump administration reduced embassy staff in Iraq and permitted military service-members’ families to leave the region in response to ongoing security concerns. The UK Navy also issued a rare warning to mariners that higher tensions in the Middle East could affect shipping.