“Only US citizens working for foreign oil companies have left Basra at the request of their government,” Iraq’s oil ministry noted in a statement on Friday. “Situation in oilfields all across Iraq is normal, production and export unaffected.”
Despite this announcement, oil prices continue to push higher as investors seem to be pricing possible supply disruptions amid heightened tensions between Iran and the US and worries over Iran targeting Saudi Arabia’s oil processing plants. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level since late April at $63.80, adding 4.3% on a daily basis.
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