US completes military withdrawal from Iraq as oil prices rise

The United States has completed its withdrawal from remaining military bases in Iraq as of September 30, marking the end of a continuous American military presence that began in 2003. This withdrawal raises significant regional security questions, specifically regarding the potential increase of Iranian political and security influence in Iraq and the ability of Iraqi security forces to maintain operations against ISIS without US intelligence and surveillance support.

Concurrently, energy markets have reacted to geopolitical tensions. Brent crude oil prices rose above $103 per barrel following reports that President Donald Trump rejected proposals to ease sanctions on Iran. President Trump stated that while he is unsure if Iran will concede immediately, he believes they will “eventually give in,” noting that Tehran is currently in a “very bad” position. He also highlighted that record amounts of oil have recently passed through the Strait of Hormuz.