{"id":188329,"date":"2023-10-30T11:58:09","date_gmt":"2023-10-30T11:58:09","guid":{"rendered":"https:\/\/newsneednews.com\/?p=188329"},"modified":"2023-10-30T11:58:09","modified_gmt":"2023-10-30T11:58:09","slug":"israel-hamas-war-could-push-oil-prices-into-uncharted-waters","status":"publish","type":"post","link":"https:\/\/newsneednews.com\/world-news\/israel-hamas-war-could-push-oil-prices-into-uncharted-waters\/","title":{"rendered":"Israel-Hamas war could push oil prices into &apos;uncharted waters&apos;"},"content":{"rendered":"<h1>Israel-Hamas war could push oil prices into &#8216;uncharted waters&#8217;, leading to higher food prices worldwide, World Bank warns<\/h1>\n<ul>\n<li><strong>Outlook &#8216;would darken quickly if conflict were to escalate&#8217;, the World Bank said<\/strong><\/li>\n<\/ul>\n<p>Oil prices could be pushed into &#8216;uncharted waters&#8217;, which could lead to higher food prices worldwide, if the violence between Israel and Hamas intensifies, the World Bank has said.<\/p>\n<p>The bank&#8217;s Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict does not widen, the outlook &#8216;would darken quickly if the conflict were to escalate&#8217;.<\/p>\n<p>The attack on Israel by the terrorist organisation Hamas and the ensuing Israel military operation against Hamas have raised fears of a wider Middle East conflict.<\/p>\n<p>And the threat of escalation looms.<\/p>\n<p>Israeli tanks and infantry pushed into Gaza over the weekend as Israeli Prime Minister Benjamin Netanyahu announced a &#8216;second stage&#8217; in the war.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/30\/11\/77171833-12688365-image-a-1_1698666135474.jpg\" height=\"423\" width=\"634\"><\/p>\n<p>A picture taken from Israel&#8217;s southern city of Sderot shows flares dropped by Israeli forces above the north of the Gaza Strip, on October 30, 2023<\/p>\n<p>Hamas officials have called for more regional assistance from allies, including Iran-backed Hezbollah in Lebanon.<\/p>\n<p>The World Bank report simulates three scenarios for the global oil supply in the event of a small, medium or large disruption.<\/p>\n<p>Effects should be limited if the conflict does not widen in a &#8216;small disruption&#8217; scenario &#8211; as oil prices are expected to decline to an average of 81 US dollars (\u00a366.83) a barrel next year, the World Bank estimates.<\/p>\n<p>But during a &#8216;medium disruption&#8217; &#8211; equivalent to the disruptions experienced during the Iraq war &#8211; the global oil supply would decline by three million to five million barrels per day, driving oil prices up possibly by 35%.<\/p>\n<p>In a &#8216;large disruption&#8217; scenario &#8211; comparable to the Arab oil embargo of 1973 &#8211; the global oil supply would shrink by six million to eight million barrels per day and prices could go up by 56% to 75%, or 140 dollars (\u00a3115.51) to 157 dollars (\u00a3129.53) a barrel, according to the report.<\/p>\n<p>Indermit Gill, the World Bank&#8217;s chief economist, said Russia&#8217;s invasion of Ukraine has already had disruptive effects on the global economy &#8216;that persist to this day&#8217;.<\/p>\n<p>&#8216;If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades &#8211; not just from the war in Ukraine but also from the Middle East,&#8217; Mr Gill said.<\/p>\n<p>Ayhan Kose, the World Bank&#8217;s deputy chief economist, said higher oil prices will inevitably result in higher food prices.<\/p>\n<p>&#8216;If a severe oil price shock materialises, it would push up food price inflation that has already been elevated in many developing countries&#8217; as a result of Russia&#8217;s Ukraine invasion, Mr Kose said.<\/p>\n<p>&#8216;An escalation of the latest conflict would intensify food insecurity, not only within the region but also across the world.&#8217;<\/p>\n<p>Overall, oil prices have risen about 6% since the start of the conflict. And gold &#8211; a commodity that tends to rise in periods of conflict &#8211; has increased roughly 8%, according to the World Bank.<\/p>\n<p>Some analysts are sceptical that the US would experience massive oil shortages, since US oil production is at an all-time high.<\/p>\n<p>At a Bloomberg event on Thursday, Treasury secretary Janet Yellen said US President Joe Biden&#8217;s administration was monitoring the economic consequences of Israel&#8217;s war against Hamas carefully.<\/p>\n<p>&#8216;So far, we have not yet seen much that has global consequences,&#8217; she said, but if the war spreads &#8216;of course there could be more meaningful consequences&#8217;.<\/p>\n<p>International Energy Agency executive director Fatih Birol said between Russia&#8217;s invasion and the latest violence between Israel and Hamas in Gaza, &#8216;no one can convince me that oil and gas are safe and secure energy choices for countries or consumers&#8217;.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12688365\/Israel-Hamas-war-push-oil-prices-uncharted-waters-leading-higher-food-prices-worldwide-World-Bank-warns.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Israel-Hamas war could push oil prices into &#8216;uncharted waters&#8217;, leading to higher food prices worldwide, World Bank warns Outlook &#8216;would<\/p>\n","protected":false},"author":2,"featured_media":188328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Israel-Hamas war could push oil prices into &amp;apos;uncharted waters&amp;apos; 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