The World Bank said at the end of October that a ‘large disruption’ in the global supply of crude oil – which it equated to between 6 and 8 million barrels per day (bpd) – would result in a 56-75 percent increase in prices to between $140 and $157 a barrel. However, as analysed by OilPrice.com at the time, a significant escalation in the Israel-Hamas War could lead to a much greater loss of crude oil supplies than that, and consequently much higher oil prices than even the top of that World Bank range. Following the U.S. and U.K. air and sea strikes in the last few days on Iran-backed Houthi rebels in Yemen in response to a series…
