Overview

• The U.S. State Department has ordered non-essential staff at its Baghdad embassy to leave and is allowing military dependents to exit key Middle East posts.
• Brent crude pushed above $70 per barrel, its highest level in two months, while West Texas Intermediate climbed over 4% on heightened risk premiums.
• Iran’s defense minister warned of strikes on all U.S. bases in host countries if negotiations fail and conflict is imposed.
• U.S. crude inventories fell by 3.6 million barrels last week, according to the Energy Information Administration, tightening market balances.
• Shares of Indian refiners HPCL, BPCL and IOC dropped up to 4% as Brent crude’s surge stoked concerns over higher feedstock costs.