Picture taken on May 3, 2022 shows a general view of Slovakia's largest mineral oil refinery Slovnaft in Bratislava, Slovakia.
Record high oil prices could be on the horizon in the event of a conflagration of the ongoing Israel-Hamas war, the World Bank cautioned.
Should the conflict expand beyond the borders of the Gaza Strip to a repeat of the Arab oil embargo in 1973, oil prices could surge to $157 per barrel, the World Bank noted in its latest Commodity Markets Outlook report.
The highest price of oil on record was in July 2008, when Brent traded as high as $147.5 per barrel, according to data from LSEG.
"In a 'large disruption' scenario — comparable to the Arab oil embargo in 1973 — the global oil supply would shrink by 6 million to 8 million barrels per day," the World Bank said.
Persons:
Brent
Organizations:
World Bank, Markets
Locations:
Bratislava, Slovakia, Israel, Gaza