Israel-Hamas conflict could lead to oil price spike: World Bank

By Agence France-Presse

Oct 31, 2023 12:00 am

WASHINGTON, D.C.: The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report on Monday.

Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel and killed more than 1,400 people, mostly civilians, and seized nearly 240 hostages, according to Israeli officials.

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