Oil rises after Joe Biden comments on Israeli retaliation

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Oil rose to its highest level in more than a month on Thursday as traders speculated that Israel could engage in retaliatory strikes against Iran’s oil industry.

West Texas Intermediate rose as much as 5.5 percent to trade at $74 a barrel after U.S. President Joe Biden told reporters that such a move was under discussion.

Asked if the U.S. would support Israel striking Iran’s oil facilities, Biden said: “We’re in discussion about that,” though in his truncated comment, the U.S. president went on to say, “I think it would be a little bit . . . anyway.”

Brent crude, the international benchmark, rose as much as 5% to $77.65 a barrel.

This is a developing story