President Joe Biden’s comments on potential U.S. support for Israeli strikes on Iranian oil facilities have raised concerns about the future of global oil prices. His remarks on Thursday led to a sharp spike in the U.S. oil benchmark, The Hill reported.
On Thursday, in response to a question about whether the U.S. would support such actions, Biden replied during a White House briefing, “We’re discussing that,” though he quickly added, “There’s nothing going to happen today.”
Following Biden’s remarks, West Texas Intermediate (WTI), the U.S. oil benchmark, surged by 5.5%. The sudden spike highlighted the market’s sensitivity to geopolitical developments, particularly in the Middle East, a key region for global oil production.
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