Due to deteriorating security conditions in the Middle East, the United States is preparing to evacuate its embassy in Iraq. This unexpected news prompted traders to purchase crude oil futures, driving international crude oil prices up by more than 4% on June 11, reaching a two-month high.

West Texas Intermediate (WTI) crude for July delivery increased by US$3.17 (4.88%), reaching US$68.15 per barrel on the New York Mercantile Exchange. Brent crude for August delivery rose by US$2.90 (4.34%), settling at US$69.77 per barrel.