WASHINGTON (AP) — The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies, which could result in increased food prices worldwide.

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.”

The attack on Israel by the militant organisation Hamas and the ensuing Israel military operation against Hamas have raised fears of a wider Mideast conflict.

And the threat of escalation looms. Israeli tanks and infantry pushed into Gaza over the weekend as Israeli Prime Minister Benjamin Netanyahu announced a “second stage” in the war. Hamas officials have called for more regional assistance from allies, including Iran-backed Hezbollah in Lebanon.

https://www.jamaicaobserver.com/latest-news/oil-prices-could-reach-uncharted-waters-if-the-israel-hamas-war-escalates-the-world-bank-says/