Saudi Arabia, EU Explore Cooperation in Higher Education

Saudi Arabia, EU Explore Cooperation in Higher Education

World Bank: Conflict in Gaza Could Bring Dual Shock to Global Markets

An escalation of the latest conflict in the Middle East - which comes on top of disruptions caused by the war between Russia and Ukraine - could push global commodity markets into uncharted waters, according to the World Bank’s latest Commodity Markets Outlook.

The report provides a preliminary assessment of the potential near-term implications of the conflict for commodity markets. It finds that the effects should be limited if the conflict doesn’t widen.

“Under the Bank’s baseline forecast, oil prices are expected to average $90 a barrel in the current quarter before declining to an average of $81 a barrel next year as global economic growth slows.

Overall commodity prices are projected to fall 4.1% next year. Prices of agricultural commodities are expected to decline next year as supplies rise. Prices of base metals are also projected to drop 5% in 2024,” according to the report.

The World Bank added that the conflict’s effects on global commodity markets have been limited so far. “Overall oil prices have risen about 6 % since the start of the conflict. Prices of agricultural commodities, most metals, and other commodities have barely budged.”

But the WB warned that