Oil surged as the market braced for the possibility that Israel’s retaliation against Iran for its recent missile barrage will include strikes on the country’s oil infrastructure.
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West Texas Intermediate soared more than 5% to settle above $73 a barrel after President Joe Biden was asked if he would support Israel striking Iran’s oil facilities. “We’re discussing that,” Biden responded. “I think that would be a little — anyways.” The White House didn’t respond to multiple requests for comment on Biden’s statement. Biden also said he wasn’t expecting Israel’s retaliation to come Thursday.