World Bank warns oil price could soar to record $150 a barrel

The World Bank sketched out three alternative paths for oil prices: a ‘small disruption’ scenario, with the price from $93-$102 a barrel; a ‘medium disruption’ with prices at $109 to $121; and a ‘large disruption’ pushing to $140-$157 a barrel. Photograph: Nick Oxford/Reuters

Oil prices could soar to a record high of more than $150 a barrel if the war between Israel and Hamas leads to a repeat of the full-scale conflict in the Middle East witnessed 50 years ago, the World Bank has warned.

In the first major assessment of the economic risks of an escalation of the war beyond Gaza’s borders, the World Bank said there was a risk of the cost of crude entering “uncharted waters”.