2023-10-30 13:08:46
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Washington: The World Bank has warned that if the Israel-Hamas war continues, there will be an unprecedented increase in oil prices. It will lead to an increase in food prices and thereby a massive food crisis. The World Bank’s Commodity Markets Outlook is the warning. They also say that the increase in oil prices can be controlled if the war does not intensify.
If the war rages on, the global supply of oil will be as low as it was in 1973. It is estimated that global oil supply will decrease by about 6 million barrels to a million barrels per day. Due to this, the price of oil may increase by 56 percent to 75 percent. Intermit Gill, senior economist at the World Bank, says that according to this report, oil prices may rise to $157 per barrel. If the Israel-Hamas war continues, the world will have to face a double energy crisis. One is from the Middle East and the other is from the Ukraine.
World Bank Deputy Chief Economist Ayhan Kos says that if the price of oil increases, it will definitely affect the price of essential food items. The level of food price hikes currently prevailing in many countries will increase significantly. The bottom line is that the war will lead to a severe global food crisis. After the start of the Hamas-Israel conflict, oil prices have increased by 6 percent.
Economists also say that if the war does not escalate further, oil prices could fall to $81 a barrel by next year.
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