Oil prices surge as US, Israel discuss strikes on Iranian oil facilities
Oil price soared on Thursday after US President Joe Biden said the United States was discussing with Israel possible strikes on Iranian oil facilities. | WTI, the US contract, rose by as much as five percent before paring back some gains to sit at around $73 per barrel while Brent, the international benchmark, rose around four percent to $76.81. Biden told reporters at the White House however that he was not expecting Israel to launch any retaliation for Tehran's missile barrage on Israel before Thursday at least. When asked by a reporter if he supported Israel striking Iran's oil facilities, Biden said "we're discussing that. I think that would be a little... anyway." ● A rise in oil prices could be hugely damaging for Biden's Vice President Kamala Harris as the Democrat confronts Republican former president Donald Trump in a November 5 election where the cost of living is a major issue. Biden said he did not expect any immediate action from Israel -- even if Israeli Prime Minister Benjamin Netanyahu has recently paid little heed to calls for restraint as he targets the Iran-allied Hezbollah militia in Lebanon.
■ Bank of England issues oil price shock warning (RT.com)
■ Biden’s Israel Policy Has Led Us to the Brink of War on Iran (Medea Benjamin)