Israel expands ground assault into Gaza

War could lead to oil, agri products prices spike: WB

FE Team | Published: October 30, 2023 23:47:00

KHAN YOUNIS, Gaza Strip, Oct 30 (Agencies): Israeli troops and armor pushed deeper into northern and central Gaza on Monday.
Israeli troops and tanks attacked Gaza's main northern city from both sides on Monday, three days after they began a major ground offensive in the Palestinian enclave that has drawn more international calls for civilians to be protected.
Israel's military said it had struck more than 600 militant targets over the past few days as it expanded ground operations in the Gaza Strip, where Palestinian civilians are in dire need of fuel, food and clean water as the war enters its fourth week.
The UN and medical staff warned that airstrikes are hitting closer to hospitals where tens of thousands of Palestinians have sought shelter alongside thousands of wounded.
Meanwhile, the war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report Monday.
Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel and killed more than 1,400 people, mostly civilians, and seized nearly 240 hostages, according to Israeli officials.
The conflict between Israel and Hamas comes as Russia's war in Ukraine has already put pressure on markets, with that war being "the biggest shock to commodity markets since the 1970s," warned World Bank chief economist Indermit Gill.
"That had disruptive effects on the global economy that persist to this day," Gill said in a statement.
"Policymakers will need to be vigilant. If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades" from both the war in Ukraine and conflict in the Middle East, he said.
Many potential price hikes will depend on what happens to world oil prices and exports, the World Bank said.
In an optimistic scenario, oil could rise 3-13 per cent, between $93 and $102 per barrel.
A median scenario envisages prices rising up to $121, while a worst-case scenario would see oil reach a peak of between $140 and $157 -- potentially exceeding all-time highs.
Israeli armoured vehicles have been seen on Gaza's main north-south road, close to Gaza City, as Israel continues expanding its ground offensive.
The Israeli military say they won't comment on the location of their forces, but earlier said troops had killed "dozens of terrorists" during overnight clashes.
"Hundreds and hundreds" of patients are stuck in hospitals in northern Gaza, the UN agency for Palestinian refugees says.