Israeli attacks could lead to oil price spike – World Bank

The Israeli attacks on Gaza could trigger price hikes for raw materials like oil and agriculture products, the World Bank warned in a report on Monday.

Oil has already risen six percent since the latest attacks started on the 7th of October.

Israel been viciously bombarding Gaza, killing more than 8,300 people, nearly half of them children.

Russia’s invasion of Ukraine has already put pressure on markets as “the biggest shock to commodity markets since the 1970s,” said World Bank chief economist Indermit Gill.

“That had disruptive effects on the global economy that persist to this day,” Gill said in a statement.

The World Bank also said that many potential price hikes will rely on what happens to world oil prices and exports.

In an optimistic scenario, oil might rise 3-13 percent, between $93 and $102 per barrel.

A worst-case scenario is oil could reach a peak of around $140 and $157, exceeding all-time highs not seen since 2008.