U.S. President Joe Biden commented on potential Israeli strikes against Iranian oil facilities, a statement that caused a spike in oil prices on Thursday, just a month ahead of the U.S. presidential election. While speaking to reporters at the White House, Biden noted that he did not anticipate an immediate Israeli response to Iran's recent missile attacks on Israel.

When asked whether he supported Israel targeting Iran's oil infrastructure, Biden replied, "We're discussing that," though he seemed hesitant about the implications. Following his remarks, oil prices surged by five percent due to rising concerns over Middle Eastern tensions.

This increase in oil prices poses a significant challenge for Biden’s administration, particularly for Vice President Kamala Harris as they face Republican challenger Donald Trump in the upcoming election, where inflation and cost of living are critical issues.

Biden clarified that while the U.S. offers advice to Israel, they do not dictate its actions, emphasizing that no retaliatory actions were expected from Israel on that day. He also stated he would not endorse an attack on Iranian nuclear sites.

Iran's missile assault on Israel, which involved around 200 rockets, was a direct response to the death of Hezbollah leader Hassan Nasrallah. Following the October 7 attacks on Israel by Hamas, Hezbollah has been firing rockets into Israeli territory, leading to Israel's extensive military response in Gaza.