Biden, addressing reporters at the White House, acknowledged that Israel would respond in some fashion, as Netanyahu vowed to do soon after Iran fired about 200 missiles
“The Israelis have not concluded what they’re going to do in terms of a strike,” Biden said at the White House, adding that he didn’t know when a response might come. “If I were in their shoes, I’d be thinking about other alternatives than striking oil fields.”
The comment was an acknowledgment that an Israeli attack on major oil infrastructure would be considered a significant escalation that would likely roil energy markets amid concerns supply might be choked off, especially to China. Oil pared gains after he spoke, with West Texas Intermediate rising 0.9 per cent to settle above $74 a barrel, after earlier surging as much as 2.5 per cent.
Biden got a sense for just how sensitive the markets have become a day before, when oil jumped by 5 per cent off comments in which he said the US was “discussing” possible Israeli strikes on energy facilities. Overall, crude soared 9.1 per cent this week — the biggest weekly advance since March 2023.
Donald Trump, the Republican presidential nominee, criticised Biden’s approach during a town hall Friday night in North Carolina, saying he believed a retaliatory strike should be directed at Iran’s nuclear sites.
“I think he got that one wrong,” the former president said, adding that the “answer should have been hit the nuclear first we’ll worry about the rest of it later.
