President Joe Biden has confirmed that his administration is in discussions regarding potential Israeli strikes on Iranian oil facilities, a statement that sent oil prices surging by 5% on Thursday. The comments come just a month before the U.S. presidential election, where rising fuel costs are a critical issue.
Speaking at the White House, Biden downplayed the possibility of immediate Israeli retaliation following Iran’s missile attack on Israel earlier in the week, saying he did not expect any strikes “before Thursday, at least.”
When asked whether he supported Israeli action against Iran’s oil infrastructure, Biden responded, “We’re discussing that. I think that would be a little… anyway,” leaving the situation ambiguous but signaling the topic was under serious consideration.
The market reacted swiftly to Biden’s remarks, with oil prices spiking amid concerns about further instability in the Middle East. The potential for escalating conflict comes at a sensitive time for the Biden administration, as Vice President Kamala Harris faces former President Donald Trump in the upcoming November 5 election, where inflation and the cost of living are top voter concerns.
Biden, however, reiterated on Wednesday that he would not support Israel in attacking Iran’s nuclear sites, despite the rising hostilities.
The tensions follow Iran’s launch of around 200 rockets targeting Israel on Tuesday, which Tehran said was in retaliation for the killing of Hezbollah leader Hassan Nasrallah. Israel’s Prime Minister Benjamin Netanyahu has warned that Iran would face consequences for the missile barrage.
Hezbollah, backed by Iran, has been launching rocket attacks on Israel since the October 7, 2023, attacks by Hamas, another Iranian ally, which triggered a massive Israeli retaliatory operation in Gaza.
