Oil price rises on Biden Iran oil strike comments

Any extended rise raises the possibility of higher petrol prices and gas and electricity bills.

British Broadcasting CorporationWatchHomeNewsUS ElectionSportBusinessInnovationCultureArtsTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifyUS ElectionElection pollsKamala HarrisDonald TrumpJD VanceTim WalzSportBusinessExecutive LoungeTechnology of BusinessWomen at the HelmFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsUS ElectionSportBusinessInnovationCultureArtsTravelEarthVideoLiveAudioWeatherNewslettersOil price rise comes at a critical pointGetty ImagesThe price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.

Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that."

Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.

Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.

Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.

https://www.bbc.com/news/articles/cx250ygn9ddo

---