Comments by US president that Joe Biden suggesting that the US government was in talks with Israel regarding the advisability of attacking Iranian oil facilities sent oil prices sharply upwards by approximately 5% rise on Thursday.
The strikes would be part of an escalating series of tit-for-tat attacks between Israel and Iran and retaliation for the latest missile strikes by Iran on Israeli military facilities.
Iran was the world’s seventh largest oil producer in 2023 according to the US Energy Information Administration with a production of approximately 4 million barrels per day.
Five of the world’s top ten producers are in the Middle East and some reports say the destruction of Iran’s production capacity could lead to $200 per barrel prices in the future.
Brent crude rose to $77.62 per barrel on Thursday.
By Staff