Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Oil prices could soar amid Israel-Gaza conflict, World Bank cautions

Published Nov 16, 2023 22:34
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
LCO
-2.50%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
-2.60%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PA
+0.49%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MAL
-0.64%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The recent escalation in the Israel-Gaza conflict, following the October 7 attacks by Hamas on Israeli towns, has intensified global economic concerns with potential repercussions reminiscent of the 1973 Arab oil embargo. The World Bank warns that oil prices could spike to as high as $157 per barrel if the situation deteriorates further. In contrast, financial institutions like Goldman Sachs (NYSE:GS) and UBS anticipate more stability in oil prices, forecasting a range between $90 to $100 per barrel over the next year.

The conflict has already left a stark mark on the local economies of Gaza and the West Bank, with the International Labour Organization (ILO) reporting significant job losses amounting to 61% or 182,000 jobs in Gaza and 24% or 208,000 jobs in the West Bank. This exacerbates the severe deprivation faced by these communities. Despite the ongoing turmoil, businesses in Sderot, Israel, are maintaining their operations.

The geopolitical tensions have not only affected the Middle East but also recall the disruptions caused by the Russia-Ukraine conflict in early 2022. That earlier conflict had a profound impact on global commodity markets, particularly affecting Ukraine's wheat and corn exports due to Russian blockades of ports and causing price surges in aluminum and palladium due to Russia's pivotal role in their production.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Oil prices could soar amid Israel-Gaza conflict, World Bank cautions
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email