Oil surges after Joe Biden’s comments on Israeli retaliation

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

Brent crude rose by more than 5 per cent to settle at $77.62 per barrel after US President Joe Biden told reporters that such a move was under discussion in response to Tuesday’s missile attack on Israel by Iran.