Overview

• The U.S. State Department has ordered non-essential personnel to leave its Baghdad embassy and authorized the departure of military service members’ families due to escalating security risks
• Iran’s defense minister warned that Tehran will target all U.S. bases in host countries without hesitation if nuclear talks collapse and Iran is attacked
• Brent crude approached $70 per barrel and WTI topped $69 with prices climbing nearly 5% on rising Middle East tensions
• The U.K. Maritime Trade Operations has issued alerts about increased military activity in the Persian Gulf, driving up war-risk premiums for tanker shipments
• Iran says it will present a fresh nuclear proposal before a sixth round of negotiations in Muscat on Sunday as diplomatic backchannels remain inactive