Biden's Remarks on Israeli Strikes Influence Oil Prices

President Joe Biden's remarks about potential Israeli strikes on Iranian oil facilities have led to a significant surge in oil prices, rising over 5% as traders fear disruptions in the Middle East oil supply. Biden has emphasized that while the US advises Israel, it does not dictate its actions and has ruled out support for attacks on Iran's nuclear sites. Tensions escalated following Iran's missile attack on Israel, reportedly in retaliation for the killing of Hassan Nasrallah, contributing to the increase in oil prices. The potential for conflict involving Iran's oil infrastructure could have severe geopolitical and environmental implications, prompting Biden to navigate the situation cautiously amidst the upcoming US presidential election. Increased military activity has been noted, with Israel expanding operations in Lebanon against Hezbollah. The situation remains volatile, with the possibility of further retaliation impacting global oil markets and political dynamics.