Economists warn of major upheaval if Israel-Hamas conflict does not end

Oil prices rose after Hamas's surprise attack on Israel, with Brent crude futures nearing $89 a barrel in Europe. The tense situation in the region may lead to an increase in global inflation, a slowdown in economic growth, and a recession. Tightening of US sanctions could put the output of Iran, the world's eighth-largest crude producer, at risk and cut 1 million barrels a day from global output, and the uncertainty over Saudi supplies could send oil prices to increase by 30%, similar to 2022 in the two weeks after the Ukraine war.

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