By South China Morning Post | Created at 2024-10-03 20:19:02 | Updated at 2024-10-03 23:24:47
3 hours ago
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.
West Texas Intermediate soared about 4 per cent to around US$73 a barrel after US President Joe Biden was asked if he would support Israel striking Iran’s oil facilities.
“We’re discussing that,” Biden responded. “I think that would be a little – anyways.”
The White House did not respond to multiple requests for comment on Biden’s statement. Biden also said he was not expecting Israel’s retaliation to come on Thursday.
Both WTI and global benchmark Brent crude spiked to the highest intraday prices in about a month after the exchange.
The oil market has been transfixed by the latest crisis in the Middle East, which comes after a year of turmoil in which Israel has faced off against Iran and its proxies in Gaza, Lebanon, Yemen and elsewhere.
