Oil facility retaliation hit? ...International Oil Prices Surge

Israel fears retaliation against Iran for 'hitting oil facilities'
Iran Produces 3 Million Barrels of Oil a Day...World production 3%
Biden "under discussion" over oil facility raid question

[Anchor]
International oil prices have soared amid fears Israel could strike oil facilities in retaliation for an Iranian missile strike.

U.S. President Biden said he was discussing the issue with Israel, adding fuel to the unrest.

I'm reporter Kim Do-won.

[Reporter]
Several possibilities are discussed in how Israel, which has been attacked by Iranian missiles, will retaliate.One scenario,

, is to hit Iranian oil facilities.

Iran produces 3 million barrels of oil per day, accounting for 3% of global production.

About 10 Iranian oil refineries and the oil export port of Kag are mentioned as targets for Israeli airstrikes.

Asked about the oil facility airstrikes, U.S. President Biden said he was in discussions, adding to the growing anxiety.

[Joe Biden / US President: (Do you support Israel's attack on Iranian oil facilities?) We are discussing. I think that's a little...Anyway.]

In fact, even if Iran's oil production is completely halted, major oil-producing countries have enough reserves and capacity to increase production.

However, if Iran blocks the Strait of Hormuz, the export route of Middle Eastern oil will be blocked.

[Beth Sanner/Former Deputy Director of National Intelligence: Iran's additional measures to block other countries' oil from accessing the market are problematic. For example, you could block oil tanker voyages in the Strait of Hormuz, or you could hit Saudi Arabia's oil facilities.]

West Texas Intermediate for next month's delivery and North Sea Brent crude for December delivery all rose more than 5%, amid the ever-expanding Middle East conflict.

In the worst-case scenario, oil prices could soar to $200 a barrel.

I'm Kim Do Won of YTN.


Video editing: Kim Hee-jung
Design: Woo Hee-seok