Oil soars almost 5% on Biden’s latest comments

The prices of oil futures kept surging on Thursday as investors remained laser-focused on tensions in the Middle East and United States President Joe Biden’s latest comments on the matter. When asked by reporters at the White House if he would support Israel striking Iran’s oil facilities, he responded: “We’re discussing that.

“After Iran’s ballistic missile attack on Israel on Tuesday and Israeli Prime Minister Benjamin Netanyahu’s vow to retaliate, concerns regarding the supply of the commodity from the oil-rich region have risen.

West Texas Intermediate (WTI) for November deliveries gained 5.24% to sell at $73.77 per barrel at 12:38 pm ET. At the same time, Brent for December settlements increased by 4.95%, going for $77.55 a barrel.