World Bank issues warning on oil prices

Available for over a year

Oil prices could rise to more than $150 a barrel if the conflict in the Middle East escalates, according to the World Bank. A drawn-out war in the region could drive big rises in energy and food prices, just a year after prices spiked due to the Russian invasion of Ukraine. For now oil prices remain steady at around $90 a barrel and are predicted to fall. However, the Bank warns that this outlook could quickly reverse. (Picture: Oil Prices Drop Over Demand Concerns As China Imposes Covid Lockdowns. Picture credit: Getty Images)