Washington DC - President Joe Biden said he was discussing possible Israeli strikes on Iranian oil facilities, in comments that sent oil prices spiking Thursday just a month before the presidential election.

Biden told reporters at the White House that he was not expecting Israel to launch any retaliation for Tehran's missile barrage on Israel before Thursday at least.

When asked by a reporter if he supported Israel striking Iran's oil facilities, Biden said: "We're discussing that. I think that would be a little... anyway."

Oil prices jumped 5% over concerns about the Middle East after Biden spoke.

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A rise in oil prices could be hugely damaging for Biden's Vice President Kamala Harris as she confronts Republican former president Donald Trump in a November 5 election during which the cost of living is a major issue.

Biden said he did not expect any immediate action from Israel, even if Israeli Prime Minister Benjamin Netanyahu has ignored any and all calls for restraint, instead launching an invasion of Lebanon while the destruction of Gaza continues.

"First of all, we don't 'allow' Israel, we advise Israel. And there is nothing going to happen today," Biden told reporters when asked if he would permit Israel to retaliate against Iran.

On Wednesday, the president said that he would not back Israel attacking Iranian nuclear sites.

Iran launched around 200 rockets at Israeli military targets on Tuesday, in retaliation to multiple aggressions, including the killing of Hassan Nasrallah, the leader of Hezbollah, and attacks on Iranian territory.