The cost of oil has been in sharp focus throughout the Israel-Hamas war to date.
The big fear is a spike in the event of a wider conflict in the Middle East, especially if major oil-producing nations are dragged in.
A report by the World Bank today gives some estimates which make for stark reading.
The Commodity Markets Outlook outlines three risk scenarios based on historical episodes involving regional conflicts.
Its “large disruption” scenario, similar in scale to the 1973 Arab oil embargo, estimates a hit to supplies of up to eight million barrels a day, with the potential to drive prices to highs of between $140 to $157 a barrel.
Share this:
Discover more from #News247WorldPress
Subscribe to get the latest posts sent to your email.