Biden is ‘discussing’ Israel will blow up Iran’s oil – which would send crude prices soaring

WASHINGTON – President Biden said Thursday that the US is “discussing” the possibility Israel bombs Iranian oil facilities In retaliation for the nearly 200 rockets fired at the Jewish state on Tuesday – sending global crude oil prices soaring.

Asked directly by a reporter as he was leaving the White House, Biden said the option of an oil strike was being considered.

“We are discussing that. “I think it’ll be a little bit … anyway,” the retiring 81-year-old president said before boarding Air Force One for a day trip to Florida and Georgia to tour the damage caused by Hurricane Helen. Said.

Within 45 minutes of Biden’s remarks, crude oil futures sharp From an initial price of $70.10 to around $74 per barrel, before stabilizing at around $73.

When a reporter asked Biden if he would allow Israel to retaliate against Tehran, Biden said, “First of all, we don’t ‘allow’ Israel. We advise Israel. And nothing is going to happen today.”

In a similar exchange on Wednesday, Biden told reporters that he opposed a hypothetical Israeli attack on Iran’s nuclear facilities to prevent Tehran, which is considered too close to the theocratic regime, from developing nuclear weapons. Is.

An attack on Iran’s oil could result in significant environmental impacts, including increased greenhouse gas emissions – creating a potentially awkward political situation for Biden. blame such emissions For deadly storms to strike the Southeast.

However, the US took no action to stop or sanction Ukraine’s government for allegedly blowing up Russia’s Nord Stream 2 pipeline in the Baltic Sea in 2022, causing the equivalent of methane emissions. several days worth General global consumption of fossil fuels.

The White House has vowed to punish Iran for its latest attack on Israel – which followed a similar attack in April – but has not committed to imposing sanctions more strictly on Iran’s lucrative oil exports.

Oil exports by Iran have increased significantly, but reducing that flow could send global energy prices higher ahead of the Nov. 5 election, potentially hurting Vice President Kamala Harris’s candidacy as the incumbent. The party is generally blamed for such increases.

A group of 62 House members, including prominent Democrats Adam Schiff and Eric Swalwell of California, asked Biden in January to fully enforce US sanctions on Iranian oil sales after a surge in exports. roughly triple Iran’s annual production in 2019 or 2020.

“Iran now exports more than 1.4 million barrels of crude oil per day, more than 80% of which goes to China. From February 2021 to October 2023, the regime has taken in at least $88 billion from these illegal oil exports,” the group wrote,

“Iran is gaining significant economic benefits from widespread sanctions evasion, with Iran’s annual economic growth increasing by more than four percent and net foreign exchange reserves increasing by 45%.”

Republicans in Congress have separately asked Biden to cancel it a restriction waiver Allowing Iraq to pay Iran for electricity, they estimate would allow Iran reach 10 billion dollars,

Iran’s Tuesday attack on Israel largely failed, causing little damage and no Israeli deaths due to the fact that American, Jordanian and Israeli forces shot down the ballistic missiles.

Tensions between Israel and Iran escalated when Israel killed longtime Iran-backed Hezbollah leader Hassan Nasrallah in an airstrike in Beirut on September 27.

Israel killed Nasrallah, responsible for organizing terrorist attacks and cross-border skirmishes for decades, after a weeks-long sophisticated campaign to eliminate Hezbollah’s leadership, which included thousands of electronic weapons taken by the group’s operatives, on September 17. Exploding the pager was also included.

A possible Israeli retaliatory attack on Iran would come close to the anniversary of Iran-backed Hamas militants infiltrating southern Israel last October 7 and killing about 1,200 people, triggering the Israeli offensive on the Gaza Strip.