Oil prices surged over 4% after President Biden's remarks on a potential Israeli strike against Iran's oil facilities raised fears of escalating military conflict in the region.
Market reactions reflected heightened anxiety over the possibility of military retaliation by Israel against Iran, particularly following an Iranian missile attack that increased regional tensions.
Despite the rise in oil prices, broader market trends, including weak Chinese energy demand and increased U.S. oil production, have capped their potential growth.
President Biden clarified the U.S. stance on Israeli actions, stating they advise rather than allow Israel in its military decisions regarding retaliation against Iran.
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