'We're discussing': Biden's remarks on possible Israeli strikes on Iran oil facilities send fuel prices spiking

President Joe Biden on Thursday said he was discussing possible Israeli strikes on Iranian oil facilities, in comments that sent oil prices spiking just a month before the US presidential election.

NEW here are President Biden’s words on “discussing” Iran oil facilities, leaving the White House - caused an oil price spike - he seems to hesitate at the end: pic.twitter.com/WTCqPsDXU2

— Faisal Islam (@faisalislam) October 3, 2024

Biden told reporters at the White House that he does not expect Israel to retaliate against Tehran’s missile barrage before at least Thursday.

When asked if he supported Israel striking Iran’s oil facilities, Biden replied, “We’re discussing that. I think that would be a little… anyway.”

Following his comments, oil prices surged by 5 per cent amid rising concerns about the Middle East.

A rise in oil prices could be hugely damaging for Biden’s Vice President Kamala Harris as the Democrat confronts Republican former president Donald Trump in a November 5 election where the cost of living is a major issue.

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Biden said he did not expect any immediate action from Israel - even if Israeli Prime Minister Benjamin Netanyahu has recently paid little heed to calls for restraint as he targets the Iran-allied Hezbollah militia in Lebanon.

“First of all, we don’t ‘allow’ Israel, we advise Israel. And there is nothing going to happen today,” AFP quoted Biden as telling reporters when asked if he would allow Israel to retaliate against Iran.

On Wednesday, Biden said that he would not back Israel attacking Iranian nuclear sites.

Reporter: "Would you support an attack on Iran's nuclear sites by Israel?"

President Biden: "The answer is no. ... [G7] agree that they have a right to respond, but they should respond proportionally." pic.twitter.com/ejtJMaDAqI

— The Recount (@therecount) October 2, 2024

When asked whether he would back strikes against Iranian nuclear sites, AFP quoted Biden as saying, “The answer is no.”

“We’ll be discussing with the Israelis what they’re going to do,” he said, adding that all G7 members agree Israel has “a right to respond, but they should respond in proportion.”

Biden also said that there would be more sanctions imposed on Iran and said he would speak “relatively soon” with the Israeli Prime Minister Benjamin Netanyahu.

Iran launched around 200 rockets in a direct missile attack on Israel on Tuesday, prompting Netanyahu to warn that Tehran would pay.

Iran said it was in retaliation for the killing of Hassan Nasrallah, the leader of Hezbollah.

Hezbollah has been launching rockets at Israel since shortly after the October 7, 2023 attacks on Israel by Iran’s Palestinian ally Hamas, and Israel’s crushing retaliatory offensive in Gaza.

With inputs from agencies