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Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says

The World Bank reported on 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.
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FILE - A BP oil refinery is seen in Gelsenkirchen, Germany, Tuesday, Oct. 24, 2023. The World Bank says oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas were to escalate. The organization’s Commodity Markets Outlook finds that the effects on oil prices should be limited if the conflict doesn’t widen. (AP Photo/Martin Meissner, File)

The World Bank reported on 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

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