Oil surged as the market braced for the possibility that Israel's retaliation against Iran for its recent missile barrage will include strikes on the country's oil industry.
When asked by a reporter if he would support Israel targeting Iran's oil facilities, Biden responded, "we're discussing that." This statement fueled market fears of potential disruptions to oil supplies from the region. Additionally, Biden indicated that he did not expect Israeli retaliation against Iran to happen on Thursday.
West Texas Intermediate (WTI) crude futures (CL=F) surged as much as 5.5%, approaching $74 per barrel, following comments by President Joe Biden.
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