World Bank warns of $157 oil price if Gaza conflict escalates

In 'large disruption' scenario

Oil prices could hit highs of more than $157 a barrel if conflict in the Middle East continues to escalate, according to the World Bank.

In its quarterly Commodity Markets Outlook, the research group said the current conflict in the region could "push global commodity markets into unchartered waters", although the effects of the war so far have been "limited" on global commodity markets. The World Bank said because the latest instalment of the drawn-out clash between Israel and the Palestinian group Hamas comes on top of the price pressure created by Russia's invasion of Ukraine last year. Higher for longer: The hope for equities lies in selection According to its forecasts, its baseline case is for oil prices ...