This stark juxtaposition of geopolitical tensions and internal OPEC+ dynamics underscores the complex forces at play in the global oil market. As the threat of conflict pushes prices up, internal disagreements within OPEC+ threaten to pull them down,

Senior ministers from Opec and its allies have kept to current plans to reduce production. Crude prices have spiked due to concerns over a potential major production disruption following Iran's missile attack on Israel.

The president was asked about a potential strike on the oil infrastructure of Iran, which accounts for about 2 percent of the world’s supply.