Global Oil Prices Rise Following Biden's Statement

U.S. President Joe Biden stated that the United States is discussing options with Israel to respond to Iran's massive missile attacks, which could include Israeli strikes on Iranian oil facilities.

"We are discussing it," Biden told reporters, according to Reuters.

Notably, global oil prices have surged following this announcement from the U.S. President, as increasing tensions in the Middle East have caused traders to worry about potential disruptions in oil supplies. For instance, Brent crude oil futures rose by $3.72 or 5.03%, reaching $77.62 per barrel. Meanwhile, American West Texas Intermediate (WTI) oil futures increased by $3.61 or 5.15%, amounting to $73.71.

However, Biden emphasized that he believes a "large-scale war" will not occur in the Middle East. He stated that more needs to be done to prevent war in the region. When asked by reporters in Washington on Thursday how confident he was that a large-scale war could be avoided, Biden replied, "I believe we can avert that. But there is still a lot to be done."

While Israel considers its options to respond to Iran's massive missile attack, Biden confirmed yesterday that he would not support any Israeli strikes on Iran's nuclear facilities.