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.
Israel has responded with an unrelenting bombardment of
Gaza, which the Hamas-run health ministry says has killed more than 8,000
people, nearly half of them children.
In a presser, World Bank Chief Economist Indermit Gill said
the price of oil could spike further due to Israel Israeli-Palestine conflict.
"That had disruptive effects on the global economy
that persist to this day," Gill said on Tuesday
"Policymakers will need to be vigilant. If the
conflict were to escalate, the global economy would face a dual energy shock
for the first time in decades" from both the war in Ukraine and conflict
in the Middle East,” Gill added.
The Political Eye
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