Commodities
Oil Soars on Biden Remarks About Possible Israeli Retaliation
- Israel has vowed reprisal against Iran after missile barrage
- Citi says major strike could affect 1.5 million barrels a day
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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 infrastructure.
West Texas Intermediate soared more than 5% to settle above $73 a barrel after 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 didn’t respond to multiple requests for comment on Biden’s statement. Biden also said he wasn’t expecting Israel’s retaliation to come Thursday.