Oil prices rose sharply on Wednesday after the US defence department authorised dependants of service members in parts of the Middle East to leave the region.
Brent crude, the international oil marker, jumped 5 per cent from its settlement level on Tuesday to $70 a barrel in afternoon trading in New York. US benchmark West Texas Intermediate rallied by a similar amount to its highest level since April.
The rise in crude prices came after geopolitical concerns unsettled the global commodities market. “Crude has obviously reacted to the news coming out of the Middle East,” said one London-based oil broker.
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