After Israeli attacks on Gaza, bad news has emerged for the entire world.According to details, the World Bank has warned that due to Israeli attacksin Gaza, the price of crude oil could double in the global market.
The World Bank has cautioned that the price of crude oil could surpass $150per barrel. Keep in mind that in the current global market, the price ofBritish crude oil Brent Crude is $87.84 per barrel, while American crudeoil West Texas Intermediate is priced at $82.69 per barrel.
According to the World Bank, if the conflict intensifies further, therecould be a sudden increase in oil prices on a global scale, and even incases of minor and moderate regional disruptions, the global oil pricecould rise from $102 to $121 per barrel.
This situation might occur if oil-producing central countries reduce theirsupplies, reminiscent of the oil crises in the 1970s. The World Bank hasstated that the Ukraine conflict and now the Gaza conflict will deliver adouble blow to the energy market.
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It’s worth noting that Israel has launched attacks in Gaza, and a groundoperation has also been initiated. The number of martyrs in Gaza has risento 8,300, including more than 3,000 children.