WASHINGTON (AP) — The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies...
The World Bank’s Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict doesn’t widen, the outlook "would darken quickly if the conflict were to escalate."
But during a “medium disruption” — equivalent to the disruptions experienced during the Iraq war — the global oil supply would decline by 3 million to 5 million barrels per day, driving oil prices up possibly by 35%. "If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades — not just from the war in Ukraine but also from the Middle East,” Gill said.Ayhan Kose, the World Bank’s deputy chief economist, said higher oil prices will inevitably result in higher food prices.
“So far, we have not yet seen much that has global consequences,” she said, but if the war spreads “of course there could be more meaningful consequences.”said between Russia's invasion and the latest violence between Israel and Hamas in Gaza, “no one can convince me that oil and gas are safe and secure energy choices for countries or consumers.
WASHINGTON -A federal judge on Sunday reinstated a gag order she imposed on Donald Trump in the Washington case accusing him of trying to overturn his 2020 election defeat, denying his bid for a stay pending appeal. The order prohibited Trump from targeting the special counsel prosecuting his case or witnesses who might be called to testify about his efforts to upend his election loss. U.S. District Judge Tanya Chutkan imposed the gag order at the Justice Department's request.
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