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- In a worst-case scenario, crude oil could climb as high as $157 per barrel, the World Bank said.
- If crude rises, other commodities such as industrial metals and food would also gain.
- For now, the World Bank expects crude to average $90 for the current quarter, and keep falling into 2024 as demand declines.
If the Israel-Hamas war morphs into a much wider regional conflict, oil prices could reach $140-$157 per barrel, the World Bank cautioned in a special report.
That's the worst of three scenarios presented by the lender, with the high end of its estimate representing a 76% jump from current crude prices.