The World Bank reported on Monday that oil prices could be pushed into 91裸聊视频渦ncharted waters91裸聊视频� if intensifies, which could result in increased food prices worldwide.

The World Bank91裸聊视频檚 Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict doesn91裸聊视频檛 widen, the outlook 91裸聊视频渨ould darken quickly if the conflict were to escalate.91裸聊视频�

The attack on Israel by the militant organization Hamas and the ensuing Israel military operation against Hamas have raised fears of .

And the threat of escalation looms. Israeli tanks and infantry as Israeli Prime Minister Benjamin Netanyahu announced a 91裸聊视频渟econd stage91裸聊视频� in the war. Hamas officials have called for more , including Iran-backed Hezbollah in Lebanon.

The World Bank report simulates three scenarios for the global oil supply in the event of a small, medium or large disruption.

Effects should be limited if the conflict doesn91裸聊视频檛 widen in a 91裸聊视频渟mall disruption91裸聊视频� scenario 91裸聊视频� as oil prices are expected to decline from current levels of roughly $90 a barrel to an average of $81 a barrel next year, the World Bank estimates.

But during a 91裸聊视频渕edium disruption91裸聊视频� 91裸聊视频� equivalent to the disruptions experienced during the Iraq war 91裸聊视频� the global oil supply of about 100 million barrels a day would decline by 3 million to 5 million barrels per day, driving oil prices up possibly by 35%.

In a 91裸聊视频渓arge disruption91裸聊视频� scenario 91裸聊视频� comparable to the Arab oil embargo of 1973 91裸聊视频� the global oil supply would shrink by 6 million to 8 million barrels per day and prices could go up by 56% to 75%, or to $140 to $157 a barrel, according to the report.

Indermit Gill, the World Bank91裸聊视频檚 chief economist, said Russia91裸聊视频檚 invasion of Ukraine has already had disruptive effects on the global economy 91裸聊视频渢hat persist to this day.91裸聊视频�

91裸聊视频淚f the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades 91裸聊视频� not just from the war in Ukraine but also from the Middle East,91裸聊视频� Gill said.

Ayhan Kose, the World Bank91裸聊视频檚 deputy chief economist, said higher oil prices will inevitably result in higher food prices.

91裸聊视频淚f a severe oil price shock materializes, it would push up food price inflation that has already been elevated in many developing countries91裸聊视频� as a result of Russia91裸聊视频檚 Ukraine invasion, Kose said. 91裸聊视频淎n escalation of the latest conflict would intensify food insecurity, not only within the region but also across the world.91裸聊视频�

Overall, oil prices have risen about 6% since the start of the conflict. And gold 91裸聊视频� a commodity that tends to rise in periods of conflict 91裸聊视频� has increased roughly 8%, according to the World Bank.

Some analysts are skeptical that the U.S. would experience massive , since U.S. oil production is at an all-time high.

At a Bloomberg event on Thursday, Treasury Secretary Janet Yellen said the Biden administration was monitoring the economic consequences of Israel91裸聊视频檚 war against Hamas carefully.

91裸聊视频淪o far, we have not yet seen much that has global consequences,91裸聊视频� she said, but if the war spreads 91裸聊视频渙f course there could be more meaningful consequences.91裸聊视频�

International Energy Agency Executive Director said between Russia91裸聊视频檚 invasion and the latest violence between Israel and Hamas in Gaza, 91裸聊视频渘o one can convince me that oil and gas are safe and secure energy choices for countries or consumers.91裸聊视频�

Fatima Hussein, The Associated Press