The World Bank fears that the Middle East crisis might cause a double shock to commodity prices.

The World Bank warns that if the conflict between Israel and Hamas escalates, oil prices will skyrocket. According to a new assessment, the conflict's impact has been modest thus far, with oil prices climbing around 6% and other commodities, such as food and metals, barely moving. The Bank believes the world economy is much better prepared to deal with a significant increase in oil prices than it was in the 1970s, but warns that an escalation of the conflict, along with the disruptions caused by Russia's invasion of Ukraine, might result in a twofold shock.