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

The 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”, according to Bloomberg.

  • Flying Squid@lemmy.worldMEnglish
    91·
    1 month ago

    People keep telling Biden not to lean on the Oval Office gas price lever, but he does insist.

    • tal@lemmy.todayOPEnglish
      42·
      1 month ago

      We apparently just started refilling the Strategic Petroleum Reserve.

      https://www.reuters.com/markets/commodities/us-buys-6-million-barrels-oil-strategic-petroleum-reserve-2024-09-30/

      WASHINGTON, Sept 30 (Reuters) - The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday.

      The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest ever sale from the reserve in 2022 of 180 million barrels in an effort to control fuel prices following Russia’s invasion of Ukraine.

      • Saleh@feddit.orgEnglish
        2·
        1 month ago

        With that i also read, that the gulf states are concerned, that Iran might target their Oil production and close off the street of Hormus if the US attacks Iran.

        https://www.middleeasteye.net/news/lebanese-army-fires-israel-hezbollah-strikes-invading

        “Our response will be solely directed at the aggressor. Should any country render assistance to the aggressor, it shall likewise be deemed an accomplice and a legitimate target," Iran’s mission said.

        Concerned Gulf Arab officials told their Iranian counterparts they would remain neutral in the conflict between Iran and Israel, as they look to prevent spillover into their territories.

        Reuters reported that ministers from Gulf Arab states delivered the message to Iran at a meeting of Asian nations hosted by Qatar, worried about potential Iranian attacks on their oil facilities.

        “The Gulf states think it’s unlikely that Iran will strike their oil facilities, but the Iranians are dropping hints they might from unofficial sources. It’s a tool the Iranians have against the US and the global economy,” Ali Shihabi, a Saudi commentator close to the royal court, told Reuters.

        I think this would be a gigantic strategic mistake to provoke by the US administration. If the oil price hikes and the US gets dragged into a great war in West Asia it will throttle the American economy and probably kill all prospects of the Dems winning in November. Meanwhile Putin will roll in money, stabilizing his economy on the one hand, and making use of the shifted US focus and arms prioritization, effectively sacrificing Ukraine to him.