****

WASHINGTON - In a potential escalation of Middle Eastern tensions, President Biden revealed that the U.S. is evaluating the possibility of permitting Israel to target Iranian oil facilities. This consideration comes as retaliation for the recent firing of nearly 200 rockets at Israel on Tuesday, which resulted in a surge in global crude oil prices.

When directly questioned by a reporter as he departed from the White House, the 81-year-old president confirmed that discussions were taking place on this critical issue. "We're discussing that. I think that would be a little... anyway," Biden remarked, trailing off before boarding Air Force One for a scheduled trip to Florida and Georgia to assess damage from Hurricane Helene.

The president's comments had an immediate impact on the financial markets, with crude oil futures climbing sharply within 45 minutes to about $74 per barrel from an opening price of $70.10. Prices eventually leveled off around $73.

In response to another reporter's query about whether the U.S. would permit Israel to counteract Tehran, Biden said, "First of all, we don't 'allow' Israel. We advise Israel. And there is nothing going to happen today."

This potential strategy carries various environmental and political implications. A strike on Iran's oil facilities could lead to significant greenhouse gas emissions, complicating Biden's stance on climate change, especially as he recently linked such emissions to the deadly hurricane that impacted the Southeast.

Importantly, the U.S.'s stance on foreign interventions has precedent. The American administration did not penalize Ukraine for allegedly sabotaging Russia’s Nord Stream 2 pipeline in 2022, an event that caused significant methane emissions.

The Biden administration has committed to punishing Iran for its attack on Israel, which follows a similar hostile act in April. However, there has been no clear commitment to stricter enforcement of sanctions on Iran’s profitable oil exports. These exports have risen considerably and play a critical role in the global energy market.

A significant faction within Congress is pressing for action. 62 House members, including notable Democrats Adam Schiff and Eric Swalwell of California, previously urged Biden in January to fully enforce sanctions on Iranian oil sales. Current Iranian oil exports have surged to over 1.4 million barrels daily, with more than 80% heading to China, generating at least $88 billion from February 2021 to October 2023.

On the opposite aisle, Republicans have called on Biden to revoke a sanctions waiver allowing Iraq to compensate Iran for electricity, which could potentially give Iran $10 billion.

Despite the tensions, the rocket attack on Israel caused minimal damage and no casualties thanks to the successful interception by U.S., Jordanian, and Israeli forces.

This development follows the assassination of Hezbollah leader Hassan Nasrallah by Israel on Sept. 27, marking a significant blow to Iran-backed operations. Nasrallah’s death represents part of a prolonged Israeli effort to dismantle Hezbollah’s leadership.

As the anniversary of last year's Hamas infiltration and subsequent Israeli invasion of Gaza approaches, the possibility of renewed conflict looms large, making international diplomatic efforts even more critical.