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persuade israel not to attack iranian oil fields? crude oil gives up more than half of gains as biden calls for alternatives, says u.s. considers sanctions

2024-10-05

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as israel prepares to retaliate against iran, the united states may seek to avoid direct attacks on iranian oil production facilities.

on friday, october 4, eastern time, u.s. president biden told some media at the white house that after iran launched a large number of missiles against israel on tuesday, israel has the right to respond. but biden's statement shows that he is trying to persuade israel to give up the idea of ​​attacking iranian oil fields. biden said:

"if i were them (israel), i would consider options other than attacking the oil fields."

"if i were them (israel), i would consider options other than attacking the oil fields."

biden said he was consulting with the government led by israeli prime minister benjamin netanyahu to decide how to respond to iran's attack on israel on tuesday. biden also mentioned that the united states and other g7 governments are considering imposing oil sanctions on iran, which already faces restrictions in the financial sector.

asked whether the united states was considering new sanctions on iran's oil industry, biden responded: "that's what's being considered right now — the whole thing."

after biden's statement, international crude oil futures gave up most of their intraday gains. u.s. wti crude oil rose to a daily high of $75.57 at midday, up more than 2.5% on the day, and then fell below $74.20, rising less than 0.6% on the day. brent crude oil reached a new daily high of $79.30, up nearly 2.2% on the day, and then fell below $78.00, rising less than 0.5% on the day.