Crude oil futures surged as much as 5% in Thursday’s intraday session after President Biden said his administration would support Israel striking Iran's oil facilities, adding that the option is being discussed. Brent crude for November delivery gained 4.8% to trade at $77.44 per barrel at 12.50 pm ET while WTI crude was changing hands at $73.65 per barrel after gaining 5.1%. Citi analysts have provided estimates that a major strike by Israel on Iran's export capacity could take 1.5M bbl/day of crude off the market, while an attack on downstream…
