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.The U.S. crude oil contract for July delivery increased $1.

Global oil prices resumed their recent surge in early Tuesday trading, with Brent crude futures testing the $75 a barrel mark, following comments from President Trump that played down the prospect of peace talks between Israel and Iran.

Wall Street opened slightly lower while oil and gold rose as Tuesday marked the fifth day of fighting between Israel and Iran, with the risk of a widening conflict dampening risk appetite in a week also packed with key central bank decisions.

A former White House official issued a chilling ultimatum to Donald Trump's administration as oil prices continue to rise in the US

Crude oil futures spiked Tuesday after a series of posts from President Trump fueled speculation that the U.S. is on the verge of joining Israel's attack on Iran, which in turn raised questions about the accessibility of oil supplies if the severity of the conflict increases.

U.S. President Donald Trump on Thursday said he would not fire Federal Reserve Chair Jerome Powell, adding that he "may have to force something" as part of his ongoing push for the central bank to lower rates.