US President Joe Biden on Thursday said he was “discussing” possible Israeli strikes on Iranian oil sites in response to Tehran’s missile attack on Tuesday.
In a clip shared by BBC, when asked if he would back an Israeli attack on Iran’s oil facilities, Biden responded, “We’re discussing that.”
This comes a day after Biden said the US would not support any Israeli strike on Iran’s nuclear sites in response to its ballistic missile attack and urged Israel to act “proportionally” against its regional arch-foe. “We’ll be discussing with the Israelis what they’re going to do, but all seven of us (G7 nations) agree that they have a right to respond but they should respond proportionally,” Biden had told reporters.
Moreover, according to a report by Sky News, the 81-year- old, when asked if he would “allow” Israel to retaliate against Iran, said: “they (US) don’t allow Israel, they advise them” on the events in the Middle East.
However, soon after Biden’s comment, oil prices surged 5 per cent on investor concern that a widening Middle East conflict could pose a threat to crude oil flows from the region. Iran, the world’s seventh-largest oil producer, exports roughly half of its production, primarily to China. Since Iran launched a barrage of missiles towards Israel on Tuesday, the price of Brent crude oil has climbed by 10%, reaching $77 per barrel, although this remains lower than levels seen earlier in the year.
An extended rise in oil prices could lead to higher costs for petrol, gas, and electricity, further driving up inflation. This year, weak demand from China and a steady supply from Saudi Arabia have helped to keep prices down.
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