Brent crude, the global oil benchmark, fell 1.1% to $89 a barrel, and West Texas Intermediate (WTI) crude, the US benchmark, dropped 1.3% to trade at $84 a barrel by 7.51 a.m.
The World Bank said Monday that a ratcheting up in the fighting in Gaza could push global commodity markets, including oil markets, into “uncharted waters,” and laid out three scenarios under which oil prices could surge.
In that instance, the level of disruption would be comparable to that caused by the Arab oil embargo in 1973.
The World Bank said a smaller disruption, equivalent to that resulting from the Libyan civil war in 2011, could send oil prices to $103 a barrel.
Prices for Brent have risen 5.7% since Hamas attacked Israel on October 7, killing more than 1,400 people, mostly civilians.
Persons:
Brent, Susannah Streeter, Hargreaves Lansdown, ”, Germany —, ” Indermit Gill, Benjamin Netanyahu, ” Israel, Daniel Hagari, Jake Sullivan, Ebrahim Raisi, — Rob North
Organizations:
London CNN, West Texas, Hargreaves, Bank, Hamas, Sunday, CBS
Locations:
Gaza, Germany, Ukraine, Iraq, Israel, Israeli, Iran, Lebanese, Tehran