Benchmark WTI crude oil futures surged in New York on Thursday, after US President Joe Biden said he was discussing supporting a possible Israeli strike on Iranian oil facilities.
Market fears are rising over the possibility of such an attack.
Israel is poised to retaliate against Iran’s attack on the country involving more than 180 ballistic missiles.
Biden was asked on Thursday whether he would support Israel striking Iran’s oil facilities. He responded, “We’re in discussion of that.”
In New York on Thursday, the benchmark WTI crude-oil futures rose to near 74 dollars per barrel at one point, the highest level in about a month.
Investors viewed an attack on oil-production facilities as a possibility.
Meanwhile, Pentagon spokesperson Sabrina Singh said the US is talking to the Israelis about their response. But she declined to speculate on the kind of attack Israel could be planning.