Oil prices surged on Thursday, reaching levels not seen in over two months after the US government relocated personnel from the Middle East. This comes amidst escalating tensions with Iran, which has raised concerns about potential disruption to global oil supplies. Gold also benefited from this volatile market environment, climbing approximately 0.6% to reach $3,373 per ounce. President Donald Trump announced the move, citing increased security risks in the region as a key factor for his decision. Concerns grew after US embassies were moved and military dependents were allowed to leave various Middle Eastern posts. The president’s announcement further heightened fears of rising tensions between Iran and the United States, which could impact oil production from Iraq, OPEC’s second-largest oil producer, and globally.