Joe Biden has recently stated that the US is in discussions with Israel regarding possible strikes on Iran's oil infrastructure.
After Biden's remarks, crude oil prices jumped by 5% and have now increased by 10% since Iran's missile attack on Israel.
As per BBC, Israeli Prime Minister Benjamin Netanyahu warned that Iran "will pay a heavy price" for the assault, when Iran launched 180 ballistic missiles at Israel.
Iran claims this attack was retaliation for the deaths of key figures like Hamas leader Ismail Haniyeh and Hezbollah leader Hassan Nasrallah.
Biden also mentioned that he does not expect Israel to retaliate on Thursday.
When asked about US plans to enable Israel to strike Iran, he clarified, "First of all, we don’t allow Israel, we advise Israel and there’s nothing that’s going to happen today."
Biden also communicated with G7 leaders, who agreed that while Israel "has the right to respond, they should respond proportionally."
Reports from Israeli media suggest that Israel plans to first target Iran's oil infrastructure, and if Iran retaliates, Israel will then shift its focus to nuclear facilities.
