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World Bank: Major Escalation In Israel-Hamas War Could Send Oil Soaring To $157
Oil prices are set to average $81 a barrel in 2024 in case the Hamas-Israel war doesn’t spill over to the region—otherwise, in a ‘large supply disruption’ scenario, prices could spike to as high as $157 per barrel, the World Bank said on Monday. This quarter, oil prices are expected to average $90 per barrel – not too different from the price of oil early on Monday at just below $90, according to the World Bank’s latest Commodity Markets Outlook published today. So far, the conflict between Hamas and Israel has had limited impact on the global commodity markets, with oil prices having risen by around 6% ... (full story)