War in the Middle East could cause the oil price to surge to $140 a barrel and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz Trade.
Speaking to Kriti Gupta on Bloomberg Television, the Paris-based analyst placed a 20% probability of such an outcome transpiring, with hostilities between Israel and Hamas - designated a terrorist group by the US and the EU - turning into a broad regional conflict that shuts down crude supplies.
