Oil price surges on fears of Israeli strikes against Iran

The price of oil has surged on world markets after President Biden said the US was discussing the possibility of Israeli strikes on Iran’s oil infrastructure.

When asked if he would support such strikes, Mr Biden said: "We're discussing that”. Mr Biden has previously said he would not support Israeli strikes on Iranian nuclear facilities.

Some world oil prices have risen 10% since Iran carried out a mass missile attack on Israel in recent days. Israel’s Prime Minister Benjamin Netanyahu said Iran would pay a heavy price” for the attack, leading to speculation that his country may target Iran’s oil refineries and installations.