The World Bank believes oil prices will average $81 in 2024 if the Hamas-Israel war doesn't escalate to become a regional conflict.
Oil prices are set to average $81 a barrel in 2024 in case the Hamas-Israel war doesn’t spill over to the region—otherwise, in a ‘large supply disruption’ scenario, prices could spike to as high as $157 per barrel, the World Bank said on Monday. This quarter, oil prices are expected to average $90 per barrel – not too different from the price of oil early on Monday at just below $90, according to the World Bank’s latest Commodity Markets Outlook published today.
In a “small disruption” scenario where global oil supply would be reduced by up to 2 million barrels per day, oil prices would initially increase between 3% and 13% relative to the average for the current quarter—to a range of $93 to $102 a barrel. The “medium disruption” scenario—roughly equivalent to the Iraq war in 2003—would take up to 5 million bpd off global oil supply and send oil prices jumping by 21% to 35% initially—to between $109 and $121 a barrel, according to the World Bank.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Israel-Hamas latest as IDF says it has hit 600 Hamas targets in overnight operationsIsrael Defence Forces also struck targets in Syria and Lebanon overnight
Read more »
Israel-Gaza latest: IDF in 'direct contact' with Hamas; Hamas 'preventing foreigners from leaving Gaza'Parts of northern Gaza have been hit by intense air and artillery strikes, according to Hamas-run media after Israel released images of tanks on the enclave's west coast. The Israel Defence Forces has claimed to have struck more than 600 targets, including the area of a university.
Read more »
Will Keir Starmer pay the price for stance on Israel-Hamas war?CAN Labour still lose the next General Election? Or at least, might they gain only a small majority and find it difficult to govern effectively?…
Read more »
Labour frontbenchers break ranks to publicly call for Israel-Hamas ceasefireSir Keir Starmer is facing a rebellion among shadow ministers on his party’s stance on the violence in Gaza.
Read more »