World Bank: Major Escalation In Israel-Hamas War Could Send Oil Soaring To $157

Oil prices are set to average $81 a barrel in 2024 in case the Hamas-Israel war doesn’t spill over to the region—otherwise, in a ‘large supply disruption’ scenario, prices could spike to as high as $157 per barrel, the World Bank said on Monday.   This quarter, oil prices are expected to average $90 per barrel – not too different from the price of oil early on Monday at just below $90, according to the World Bank’s latest Commodity Markets Outlook published today. So far, the conflict between Hamas…