Oil prices could surge to record highs if the conflict in the Middle East broadens and the Ukraine war continues. Such an oil shock would create more food...
Oil could surge up to a record $157 per barrel if the Middle East conflict broadens and creates a large disruption in the markets, the World Bank has warned., where it lays out three risk scenarios amid the ongoing war between Israel and Hamas and the continuing conflict in Ukraine.
The report says high prices of oil and other commodities "would intensify food insecurity in the region and across the world." The World Bank report points out the conflict's modest impact on commodity prices so far reflects a more diversified world oil supply market, individual countries' petroleum reserves, and reduced overall oil dependence.Coastal GasLink pipeline fully installed: TC Energy
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