Bangkok: Crude oil prices have surged to their highest level in two months, driven by escalating tensions in the Middle East and positive market sentiment. Energy stocks, particularly PTT Exploration and Production Public Company Limited (PTTEP), have experienced upward movement in response to the rising crude oil prices.

According to Thai News Agency, the increase in crude oil prices is linked to the ongoing geopolitical tensions, as the United States prepares to evacuate embassy staff in Iraq. This development comes ahead of the sixth round of nuclear talks between Iran and the United States, scheduled for June 15. The heightened tensions have contributed to the upward trajectory of energy stocks in the market.

Thai Oil PCL has reported significant gains in crude oil prices, with WTI crude oil contracts for July delivery climbing by $3.17 or 4.88%, closing at $68.15 per barrel. Similarly, Brent crude oil contracts for August delivery rose by $2.90 or 4.34%, settling at $69.77 per barrel. The rise in prices is attributed to favorable outcomes from China-US trade negotiations and the US’s deceleration of inflation figures in May, which increased by 2.4% following a 2.3% rise in April.

Adding to the market dynamics, Iran has issued threats to attack US military bases in the Middle East, prompting the US to consider evacuating some embassy staff from Iraq due to security concerns. Iraq, as OPEC’s second-largest crude oil producer after Saudi Arabia, plays a critical role in the global oil supply, producing approximately 3.9 million barrels of oil daily.

US President Donald Trump has expressed skepticism regarding Iran’s commitment to ending uranium enrichment as part of a potential nuclear agreement with the United States.