Bad news regarding possible reduction in prices of petrol
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 attacks in 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 $150 per barrel. Keep in mind that in the current global market, the price of British crude oil Brent Crude is $87.84 per barrel, while American crude oil West Texas Intermediate is priced at $82.69 per barrel.
According to the World Bank, if the conflict intensifies further, there could be a sudden increase in oil prices on a global scale, and even in cases of minor and moderate regional disruptions, the global oil price could rise from $102 to $121 per barrel.
This situation might occur if oil-producing central countries reduce their supplies, reminiscent of the oil crises in the 1970s. The World Bank has stated that the Ukraine conflict and now the Gaza conflict will deliver a double blow to the energy market.
It's worth noting that Israel has launched attacks in Gaza, and a ground operation has also been initiated. The number of martyrs in Gaza has risen to 8,300, including more than 3,000 children.