Oil prices jump as Biden hints at Israeli retaliation against Iran

Oil prices rose sharply on Thursday, reaching their highest level in over a month. Brent crude increased by more than 5% to $77.62 per barrel after President Joe Biden indicated that Israel might consider retaliatory strikes against Iran's oil industry following a missile attack on Israel. US officials believe Israel's response will be measured to avoid escalating tensions in the region. Discussions between US and Israeli officials are ongoing, focusing on potential military targets while discouraging strikes on Iranian nuclear facilities. Biden stated that the US advises Israel but does not control its actions. Concerns are growing among US allies about their influence over Israel's decisions. Despite requests to avoid attacks on Iranian infrastructure, there is uncertainty about Israel's compliance. Meanwhile, tensions continue to rise, with Israel conducting airstrikes in Lebanon in response to Iranian missile attacks.