Texas oil rises 5% on Biden’s comments

New York (EFE).- The price of Texas intermediate oil rose by 5.15% this Thursday and closed at $ 73.71 per barrel in reaction to a comment by US President Joe Biden about the possibility of Israel attacking Iranian oil facilities.

At the close on the New York Mercantile Exchange (NYMEX) (18.54 GMT), WTI futures contracts for delivery in November were up a total of $3.61, up from the previous session.

Before boarding the presidential helicopter, Biden told the press at the White House this Thursday that he was talking to Israel about the possibility of attacking Iranian oil facilities in retaliation for the nearly 200 missiles launched by Tehran on Israeli territory on Tuesday. In touch, although he denied that it was going to happen today.

Texas oil volatility due to conflict between Israel and Iran

Markets have been volatile this week amid rising tensions in the oil-rich region of the Middle East and fears of production disruptions that could impact global supplies.

Despite everything, analysts considered today’s price increase moderate and some pointed out that if Israel attacks Iranian oil assets, other producers could make up the shortfall.

Amid the noise of the helicopter’s propellers, a reporter asked Biden: “Would you support Israel attacking Iran’s oil facilities?”, to which the president responded: “We’re talking about that. “

“We don’t ‘allow’ Israel anything.”

Responding to questions from another journalist, Biden confirmed that Israel was not going to take any retaliatory measures today and made it clear that the US does not “allow” Israel to do anything but attack its biggest targets in the Middle East. Limited to giving advice to a colleague. The former and which is its largest supplier of arms.

“First of all, we do not ‘allow’ Israel anything. We advise Israel. And nothing is going to happen today,” he insisted.
In other markets, natural gas contracts for delivery in November rose to $2.966 per thousand cubic feet and gasoline contracts expiring in the same period rose to $2.0825 a gallon, according to CNBC.