Oil prices soared to their highest level in more than a month on Thursday as traders speculated that Israel could engage in retaliatory strikes against Iran’s oil industry.
Brent crude rose by more than 5 per cent to settle at $77.62 per barrel after US President Joe Biden told reporters that such a move was under discussion in response to Tuesday’s missile attack on Israel by Iran.
Asked whether the US would support Israel striking Iran’s oil facilities, Biden said: “We’re in discussion of that,” although in his truncated comment the US president went on to say: “I think that would be a little . . . anyway.”
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