World Bank: Tensions in the Middle East could push oil prices up to $157
Economy
Escalating conflict in the Middle East could raise oil prices to unexpected levels amid disruptions in crude supplies to markets, the World Bank warned in its forecast.
The New York Times reports, citing bank documents, that a possible escalation of the conflict, as well as its expansion beyond Israel and Palestine, could lead to a 75 per cent rise in oil prices to $157 a barrel.
According to the World Bank, such an event is comparable to the Arab oil embargo of 1973.
In mid-October, JPMorgan CEO Jamie Dimon warned of one of the most dangerous periods for investors in recent decades because of the global situation: he predicted that fighting in the Middle East could have long-term and serious consequences for energy and food markets.
According to the World Bank, such an event is comparable to the Arab oil embargo of 1973.
In mid-October, JPMorgan CEO Jamie Dimon warned of one of the most dangerous periods for investors in recent decades because of the global situation: he predicted that fighting in the Middle East could have long-term and serious consequences for energy and food markets.
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