Energy
Tuesday, October 31st, 2023 2:00 pm EDT
The World Bank has issued a warning that escalating tensions in the Israel-Hamas conflict could lead to record-high oil prices, potentially reaching $157 per barrel. In its Commodity Markets Outlook report, the World Bank highlighted the potential impact of a large disruption scenario akin to the Arab oil embargo of 1973. Such a disruption could result in a global oil supply reduction of 6 to 8 million barrels per day, causing oil prices to initially surge by 56% to 75%, ranging from $140 to $157 per barrel. The 1973 Arab oil embargo, triggered by the Arab-Israeli war, led to a fourfold increase in oil prices.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/31/oil-could-hit-record-high-of-157-if-israel-hamas-war-escalates-world-bank.html
