Geopolitical concerns heightened after Iran said it will strike US bases in the Middle East if nuclear talks fail and conflict arises with Washington

The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.

Oil prices rose more than 4% on Wednesday, to their highest in more than two months, after sources said the U.S. was preparing to evacuate its Iraqi embassy due to heightened security concerns in the Middle East.

Oil prices jumped on Wednesday as a U.S.-China trade deal and soft inflation report boosted demand expectations and geopolitical concerns sparked fear of supply disruptions.

The State Department ordered all nonessential staff to leave the U.S. Embassy in Baghdad and authorized the departure of nonessential staff and families from Bahrain and Kuwait.

Australian shares are set to open higher, tracking modestly positive sentiment in New York. US PPI data affirms muted inflation for now. Follow live.

Crude oil prices on Thursday rose Rs 57 to Rs 5,788 per barrel in futures trade as participants increased their positions following a firm spot demand. On the Multi Commodity Exchange, crude oil for July delivery traded higher by Rs 57 or 0.

Oil demand growth will remain robust over the next two and a half decades as the world population grows, OPEC Secretary General Haitham Al Ghais said on Tuesday.