Global Oil Prices Rise as Major Countries Urge Evacuation from Iran, WTI Up 2.77%

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International oil prices surged sharply for the first time in six trading sessions.

Concerns that a U.S. airstrike on Iran could be imminent pushed prices higher as major countries advised their nationals in and around Iran to evacuate. U.S. President Donald Trump’s repeated expressions of dissatisfaction with nuclear negotiations with Iran also fueled risk-off sentiment.

On the 27th (U.S. Eastern Time), West Texas Intermediate (WTI) crude for April delivery on the New York Mercantile Exchange jumped $1.81, or 2.77%, to settle at $67.02 per barrel.

Speaking to reporters at the White House, Trump said, “I am not satisfied that Iran is unwilling to give us what we must have,” referring to the dismantlement of Iran’s nuclear program.

The United States is demanding that Iran relinquish its right to enrich uranium and dispose of its existing stockpile of enriched uranium.

Trump added, “We’ll see what happens,” but responded that he had not yet made a final decision regarding Iran when asked directly.

Despite Trump’s remarks, tensions surrounding Iran are escalating.

China’s Foreign Ministry said on social media that “external security risks facing Iran are significantly increasing” and advised its citizens to leave the country. The U.S. Embassy in Israel also announced on social media that it had authorized the departure of some embassy staff and their families.

Foreign media reported that major countries including the United States, the United Kingdom, Canada, and India have urged their diplomats and nationals in the Middle East to heighten vigilance and consider evacuation.

Subro Sarkar, an analyst at DBS, said, “While talks between the U.S. and Iran offer some hope for a peaceful resolution, the possibility of military action cannot be completely ruled out,” adding, “An $8 to $10 per barrel geopolitical risk premium is reflected in oil prices because the Strait of Hormuz—through which about 20% of global oil supplies pass—could become entangled in a Middle East conflict.”

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.