The World Bank says oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies.
FILE - The World Bank building in Washington, Monday, April 5, 2021. The World Bank says oil prices could be pushed into uncharted waters if the violence between Israel and Hamas were to escalate. The organization's Commodity Markets Outlook finds that the effects on oil prices should be limited if the conflict doesnt widen.
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.
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