The World Bank said Monday that there could be “large increases in the prices of oil and other commodities' if the Israel-Hamas war spreads regionally.
The World Bank is warning Monday that the prices of oil and other commodities could see "large increases" if the Israel-Hamas war spreads through the Middle East. The Washington-based institution said in its October 2023 Commodity Markets Outlook report that despite commodity markets responding "calmly" to the war, "historical precedent" suggests that escalating conflict in the region could substantially disrupt commodity supply.
" If that happens, depending on the level of impact to the global oil supply, the World Bank says prices per barrel could rise from the 2023 Q4 baseline forecast of $90 a barrel to around $102 in a "small disruption scenario" to as much as $157 a barrel in a "large disruption scenario.
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