Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, the World Bank says

The World Bank says oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies. The organization's Commodity Markets Outlook finds that the effects on oil prices should be limited if the conflict doesn’t widen. But it says “the outlook for commodity prices would darken quickly if the conflict were to escalate.” There are dual threats to oil markets from Russia's ongoing invasion of Ukraine and the Mideast conflict. The World Bank economists said Monday a shock to oil prices could cause food prices to go up in areas already suffering from food insecurity.