The World Bank reported Monday that oil prices could be pushed into 'uncharted waters' if the violence between Israel and Hamas intensifies, which could result in increased food prices worldwide.
The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies, which could result in increased food prices worldwide.
And the threat of escalation looms. Israeli tanks and infantry pushed into Gaza over the weekend as Israeli Prime Minister Benjamin Netanyahu announced a “second stage” in the war. Hamas officials have called for more regional assistance from allies, including Iran-backed Hezbollah in Lebanon. But during a “medium disruption” — equivalent to the disruptions experienced during the Iraq war — the global oil supply would decline by 3 million to 5 million barrels per day, driving oil prices up possibly by 35%.
"If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades — not just from the war in Ukraine but also from the Middle East,” Gill said. Overall, oil prices have risen about 6% since the start of the conflict. And gold — a commodity that tends to rise in periods of conflict — has increased roughly 8%, according to the World Bank.
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