A day after oil prices surged, US President Joe Biden warned Israel against military strikes on Iran's oil export facilities for good reason — any attack could ignite another bout of inflation, and possibly plunge the world into recession.
Crude oil prices jumped after US President Joe Biden mentioned that he had discussed military strikes on Iran 's oil export facilities with Israel last week.When US President Joe Biden last Thursday casually dropped that he had discussed military strikes against Iran 's oil export facilities with Israel , all hell broke loose.
But an Israeli attack could backfire for America at precisely the wrong time and forever taint any legacy that Joe Biden may want to leave. Should Israel attack Iranian oil export facilities, however, analysts believe oil could surge almost 40 per cent, back towards $US100 a barrel, potentially igniting another bout of inflation.
Most of its oil lands in China although it claims to ship oil to as many as 17 countries, many of them surreptitiously. China's other main source of oil is Russia, also subject to sanctions since its invasion of Ukraine. A major spike in the cost of fuel would be enough to scare the Reserve Bank of Australia on potential rate cuts.
Brent Crude Oil Prices Israel Iran United States Us Joe Biden Middle East Inflation Cost Of Living Interest Rates Rba Reserve Bank Of Australia Rate Cuts Interest Rate Cuts Recession Petrol Fuel War Economy
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