Israel-Gaza conflict may hike commodity prices

The enduring conflict between Israel and Hamas, spanning over seven decades, continues to cast a profound and lasting impact across the Middle East.

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In recent times, heightened hostilities have led to significant casualties on both sides, triggered by a series of assaults initiated by Hamas on Israeli towns on October 7. This has resulted in a robust military response from Israel, exacerbating the devastation. However, the repercussions of this conflict have reverberated globally, sparking protests in several Western nations and carrying substantial economic implications.

The World Bank has cautioned that the escalating Israel-Gaza conflict may disrupt crude oil supplies, potentially pushing oil prices to an unprecedented peak of $157 per barrel. This prediction mirrors the 1973 Arab oil embargo crisis, suggesting a potential global supply shrinkage of six to eight million barrels per day. Such a cut in supply could trigger a significant surge in prices, impacting economies worldwide.