Biden discourages Israel from striking Iran's oil industry, crude posts best week in more than year [MSNBC.com]
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Source: MSNBC.com
U.S. crude oil on Friday posted its biggest weekly gain in more than a year, as traders fear Israel could strike Iran's crude facilities in retaliation for Tehran's ballistic missile attack.U.S benchmark surged 9.09% this week for the biggest weekly gain since March 2023. Global benchmark jumped 8.43% for the biggest weekly advance since January 2023.spiked about 5%"The Israelis have not concluded what they're going to do in terms of a strike — that's under discussion," Biden told reporters at a press briefing. "If I were in their shoes, I'd be thinking about other alternatives than striking oil fields."Here are Friday's closing energy prices:Oil prices would spike by $10 to $20 per barrel if an Israeli strike knocks out 1 million barrels per day of Iranian production over a sustained period, said Daan Struyven, head oil analyst at Goldman Sachs.Just how high prices would go depends on whether OPEC uses its spare oil capacity to plug the gap, Struyven said.Though oil prices have su
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