Watch more on iWantTFC MANILA - The conflict between Israel and Hamas has the potential to cause oil prices to further spike and send the global economy into recession, an economist from Moody's Analytics said on Tuesday.
Ell said in an interview with ANC that if oil prices break through the $90 per barrel level for a sustained period, the global economy may succumb to a recession. Many economies are already vulnerable and underperforming right now because of the aggressive interest rate hikes implemented by central banks to tame inflation.
Oil prices soared more than 4 percent Monday after Hamas' attack on Israel at the weekend, sparking concerns about possible supply shocks from the crude-rich region.
Source: Financial Digest (financialdigest.net)
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