Oil surges after Joe Biden’s comments on Israeli retaliation

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Oil soared to its highest level in more than a month on Thursday as traders speculated that Israel could engage in retaliatory strikes against Iran’s oil industry.

West Texas Intermediate climbed as much as 5.5 per cent to trade at $74 per barrel after US President Joe Biden told reporters that such a move was under discussion.

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.”

Brent crude, the international benchmark, rose as much as 5 per cent to hit $77.65 per barrel.

This is a developing story