A gas flare on an oil production platform in the Soroush oilfields alongside an Iranian flag in July 2005. Reuters
A gas flare on an oil production platform in the Soroush oilfields alongside an Iranian flag in July 2005. Reuters

Oil prices jump after Biden says US discussing possible Israeli strike on Iranian oil facilities



Live updates: Follow the latest news on Israel-Gaza

Global oil prices jumped on Thursday after President Joe Biden said the US is discussing the possibility that Israel will hit Iranian oil facilities in retaliation for Tehran's ballistic missile attack.

A barrel of Brent crude gained 5 per cent to settle at $77.62 after starting the week below $72. It is possibly on track for its biggest weekly gain in nearly two years and a rise in the price of petrol could factor in to the US presidential election on November 5.

After Iran launched about 200 ballistic missiles at Israel on Tuesday night, Israel has vowed to retaliate and some in the US – including Mr Biden – have indicated that the possibility of attacking Iranian oil facilities is on the table.

“We’re discussing that,” Mr Biden said in response to a question about the possibility of such an attack. He added: “I think that would be a little – anyway,” without finishing the thought. The President also said he does not expect Israel to retaliate immediately against Iran.

On Tuesday, Republican Senator Lindsey Graham said Iranian “oil refiners need to be hit and hit hard because that is the source of cash for the regime to perpetuate their terror”.

Pentagon spokeswoman Sabrina Singh said the US is talking to Israel about "what a response to Iran could look like" but declined to give details about potential targets.

In Iraq meanwhile, the Iran-backed Kataib Hezbollah militia said on Thursday that the world would lose 12 million barrels a day if an “energy war” were to start.

“And as Kataib Hezbollah said previously, either everyone enjoys good things or everyone is deprived,” Abu Ali Al Askari, military spokesman for the group, wrote on Telegram.

Iraq is one of the world's leading oil exporters, with production amounting to about 4.4 million barrels per day in 2023, according to data from Statista. Iran produces about 3 million barrels per day.

Kataib Hezbollah has previously been involved in a series of strikes on US forces in the Middle East, including an attack in Jordan that killed three American soldiers.

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Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Company%20Profile
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MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

'Shakuntala Devi'

Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

Scores

Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Company%20Profile
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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

if you go
APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Updated: October 04, 2024, 11:55 AM