Washington/IBNS: US President Joe Biden said he was having a discussion over possible Israeli strikes on Iranian oil facilities, as he was asked to comment regarding oil prices spike on Thursday just a month before the US presidential election.

Biden, however, told reporters present at the White House that he was not expecting Israel to launch any retaliation for Tehran's missile attack on Israel before Thursday at least.

When asked by a reporter if he supported Israel striking Iran's oil facilities, Biden said "we're discussing that. I think that would be a little... anyway."

Oil prices jumped five percent over concerns about the Middle East after Biden spoke.

A rise in oil prices could be hugely damaging for Democrat candidate Kamala Harris since the cost of living is a major issue in the upcoming US polls.

Biden said he did not expect any immediate action from Israel even though the Israeli army has vowed retaliation for Iran's missile barrage.

Prime Minister Benjamin Netanyahu on Tuesday warned that Iran made “a big mistake” by firing 181 missiles towards Israel, media reports said.

The attack came amid Israeli strikes on Lebanon to target Hezbollah, which saw the execution of the militant outfit's commander Hassan Nasrallah, and a top official from Iran's Islamic Revolutionary Guard Corps.

At a security cabinet meeting in a secure bunker near Jerusalem in the aftermath of the attack, Netanyahu warned that Tehran had made a 'big mistake tonight' and vowed that 'it will pay for it', reported The Times of Israel.

The strike on Israel had “failed,” he said, and was “thwarted thanks to Israel’s air defence system, which is the most advanced in the world.”