Crude oil futures surged by up to 5% after President Biden expressed support for Israel striking Iran's oil facilities, with potential market impacts discussed by analysts.
Crude oil futures surged as much as 5% in Thursday’s intraday session after President Biden said his administration would support Israel striking Iran 's oil facilities, adding that the option is being discussed. Brent crude for November delivery gained 4.8% to trade at $77.44 per barrel at 12.50 pm ET while WTI crude was changing hands at $73.65 per barrel after gaining 5.1%. Citi analysts have provided estimates that a major strike by Israel on Iran 's export capacity could take 1.
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