Oil prices jumped Thursday, after President Joe Biden, when asked if he would support an Israeli strike on Iran’s oil facilities, said: “We’re discussing that. I think that would be a little ... anyway.”

The market moves reflected continued nervousness about a potential Israeli military retaliation against Iran, which launched a barrage of missiles across Israel on Tuesday, doing little damage but increasing fears of an all-out war in the region.

Oil prices rose more than 4% Thursday, with Brent crude, the global benchmark, climbing above $77 a barrel for the first time in a month after Biden’s remarks. Before the missile attack, Brent was trading at just above $71 a barrel.

Prime Minister Benjamin Netanyahu of Israel said after Tuesday’s attack that Iran had “made a big mistake — and it will pay for it.”

When asked if he would allow Israel to retaliate against Iran, which said it had launched the missiles in retaliation for the assassinations of leaders of its proxies Hamas and Hezbollah, Biden said: “First of all, we don’t ‘allow’ Israel. We advise Israel. And there is nothing going to happen today.”

Iran is a major oil producer, pumping about 2 million barrels a day, or about 2% of the world’s supply. Its production and sales are hampered by international sanctions, and most of its exports are bought by China.

The intensifying fighting between Israel and Iran and Iranian-backed groups, especially Hezbollah in Lebanon, has pushed up oil prices this week. The main concern is that the escalating conflict could prompt Iran to try to restrict the flow of oil from key exporters like Saudi Arabia and the United Arab Emirates.

Prices haven’t climbed back to their peaks this year, however, because those worries have been largely outweighed by factors including weak energy demand in China and increased oil production in the United States and elsewhere.

Until recently, oil prices had been steadily drifting lower, down from about $90 a barrel six months ago.

— New York Times

IRS expands direct-file program

The IRS is expanding its program that allows people to file their taxes directly with the agency for free.

The federal tax collector’s Direct File program, which allows taxpayers to calculate and submit their returns to the government directly without using commercial tax preparation software, will be open to more than 30 million people in 24 states in the 2025 filing season.

The program was rolled out as a pilot during the 2024 tax season in 12 states.

Now IRS Commissioner Daniel Werfel says the program will be permanent and the IRS will expand eligibility opportunities for taxpayers.

Wisconsin is one of the additional states, but not Minnesota.

Mortgage rates rise, first time in 7 weeks

The average rate on a 30-year mortgage in the U.S. rose to 6.12% this week, the first increase in seven weeks.

The rate ticked up from 6.08% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.49%.

Last week, the average rate slipped to its lowest level in two years, boosting home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, increased again this week. The average rate rose to 5.25% from 5.16% last week. A year ago, it averaged 6.78%, Freddie Mac said.

— From news services