The intensification of the Gaza war prompts economic concerns, with potential repercussions on oil prices and global growth. The emotional resonance of the conflict is shifting alliances, straining diplomatic ties, and triggering collective anger in Muslim-majority nations. Analysts fear a significant surge in oil prices, potentially reaching $150 per barrel in the worst-case scenario, leading to a 1.7% reduction in global GDP. The economic fallout includes heightened inflation and setbacks in climate change efforts. A ceasefire is urged to prevent further escalation and mitigate the far-reaching economic consequences.
Potential Regional Spillover of Gaza War Raises Concerns of Economic Fallout
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