Crude oil futures rose more than 2% Tuesday, after President Donald Trump called for the evacuation of Tehran as Israel and Iran traded strikes for a fifth day.
U.S. crude oil increased $1.52, or 2.10%, to $73.28 per barrel in morning trading, while global benchmark Brent rose $1.63, or 2.23%, to $74.88.
Oil prices had closed lower Monday on reports that Iran was seeking a ceasefire with Israel. But prices are rising again after Trump left the G7 summit in Canada early and demanded that everyone evacuate Iran's capital city.
"Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON," the president said on his social media platform Truth Social. "I said it over and over again! Everyone should immediately evacuate Tehran!"
The Israeli military said it killed Iran's war-time chief of staff Maj. Gen. Ali Shadmani in an airstrike. Iran launched another volley of missiles at Israel.
Trump, meanwhile, said in a social media post that the U.S. was working on something "much bigger" than a ceasefire, without elaborating.
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