US President Joe Biden Photo: EyePress News / Shutterstock Editorial
US President Joe Biden said that discussions are ongoing regarding potential Israeli strikes on Iran’s oil infrastructure. This was a response to the recent missile strike by Iran against Israel.
“We are having discussions on this. I think it would be a little bit… But, in short,” Biden said, without finishing his thought, while speaking to journalists at the White House.
He also emphasised that the US does not “authorise” Israel’s actions, but only provides recommendations: “We’re not giving Israel permission to do anything, we’re just advising. Nothing is going to happen today.”
These statements had an immediate impact on global markets. The price of oil rose sharply amid fears of a possible expansion of the conflict in the region. WTI crude rose by 4.34% to reach $73.12 per barrel, while Brent rose by 3.94% to $76.81 per barrel.
Such a jump in oil prices could create problems for the Joe Biden administration and his team in the election campaign against Donald Trump. Rising petrol prices and inflation are among the main challenges Trump uses to criticise Democrats. He has repeatedly accused Biden and Vice President Kamala Harris of worsening the economic situation in the country after the pandemic.
