Oil prices surge as US orders evacuation amid rising Middle East tensions
Oil prices surged on June 11 as rising tensions in the Middle East sparked fears of potential U.S.-Iran military conflict.
Oil prices surged sharply on Wednesday after the U.S. Department of Defense authorized the departure of military dependents from the Middle East. Brent crude jumped 5%, reaching $70 per barrel, while West Texas Intermediate also hit its highest level since April.
The price climb came as U.S. defense officials expressed concern over potential regional escalation—particularly if nuclear negotiations with Iran collapse—and U.S. troops brace themselves with strategic contingency plans.
A U.S. defense official confirmed that Secretary Pete Hegseth ordered the voluntary withdrawal of non-essential personnel and dependents to prioritize safety in response to Iranian military warnings.
Markets also reacted to warnings of potential strikes on U.S. bases in Iraq and elsewhere, with the U.S. reducing its embassy staff in Baghdad and Gulf countries—including Iraq, Bahrain, and Kuwait.
Analysts like Jorge Montepeque and those from Onyx Capital described the rally as a “jittery overreaction,” but confirmed that geopolitical anxiety and supply concerns were the main drivers.
The diplomatic backdrop includes ongoing nuclear talks, with a sixth round expected in Oman. President Trump said on Wednesday he’s “less confident” in reaching a deal and reiterated that nuclear-armed Iran is unacceptable .
Meanwhile, Iran’s Defense Minister Aziz Nasirzadeh threatened to respond forcefully to any attacks on U.S. assets in the region
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