Biden, Iran and the price of oil

The price of crude oil jumped more than 4% on Thursday to $77 a barrel following a response from Joe Biden to the question of whether he would support Israel hitting Israel’s oil facilities. Iran. “We are discussing it. I think it would be a bit…” the president said without finishing his sentence. A second later, as he does more and more often when he stumbles over his words or gets lost in his thoughts, he added: “Anyway. »

Asked whether the United States would “allow” Israel to retaliate against Iran, Biden responded: “First of all, we don’t allow Israel. We advise Israel. And nothing will happen today. »

Before the most recent Iranian attack on Israel, a barrel of crude oil was trading at $71. Israeli Prime Minister Benjamin Netanyahu said the Tehran regime had “made a big mistake” by raining ballistic missiles on his country “and it will pay for it,” he added.

Iran, which pumps around 2 million barrels per day, is responsible for 2% of global oil production.

And, as Michelle Obama said in 2020, “a president’s words have the power to move the markets.” Even Biden took note.

(Photo Rex)