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Oil shock can roil global inflation and growth trajectories if Israel-Hamas conflict spreads to Iran
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World oil prices jumped about 5 per cent at the opening of trade in Asia on Monday.
PHOTO: REUTERS
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SINGAPORE - A sustained oil rally, fuelled by concerns that the Israel-Hamas conflict could spread across the Middle East, can complicate efforts to ease inflation and threaten to further hurt economic growth worldwide, including in Singapore.
At risk is the 1.4 million barrels per day of crude oil exports from Iran. Israel has blamed the country for backing Hamas militants’ surprise Saturday morning attack.
