Biden Discusses Potential Israeli Strikes on Iranian Oil Facilities, Sparking Oil Price Surge
In a development that rattled global markets, President Joe Biden revealed that discussions were underway about potential Israeli strikes on Iran’s oil facilities. His comments sent oil prices soaring by five percent on Thursday, coming just weeks before the crucial U.S. presidential election.
Speaking to reporters at the White House, Biden mentioned that while talks were ongoing, he did not anticipate any immediate retaliation from Israel in response to Tehran’s missile attack on Israel. “We’re discussing that,” Biden said when asked if he supported the idea of Israel targeting Iran’s oil infrastructure. “I think that would be a little… anyway,” he trailed off.
The prospect of escalating tensions in the Middle East added pressure to oil markets, already on edge, with prices spiking shortly after Biden’s remarks.
Rising Oil Prices and Political Ramifications
This surge in oil prices could spell trouble for Biden’s administration, particularly Vice President Kamala Harris, as they head into the November 5 election against Republican challenger Donald Trump. With the cost of living being a central issue, any disruption in oil supply could heighten voter concerns about inflation.
While Biden noted that Israeli Prime Minister Benjamin Netanyahu had not always heeded calls for restraint, he emphasized that no immediate action was expected from Israel. “First of all, we don’t ‘allow’ Israel, we advise Israel. And there is nothing going to happen today,” Biden clarified.
Tensions in the Middle East
Earlier in the week, Iran launched approximately 200 rockets in direct response to Israeli actions, leading Netanyahu to issue a stern warning to Tehran. Iran’s missile barrage was reportedly in retaliation for the death of Hezbollah leader Hassan Nasrallah. The militant group, which has been allied with Iran, has been firing rockets at Israel since shortly after the October 2023 Hamas attacks and Israel’s subsequent military response in Gaza.