WASHINGTON, October 29. /TASS/. In its October report on commodity market prospects, the World Bank projects that oil prices could surge to $92 per barrel by end of 2024 if the conflict in the Middle East escalates.

The report indicates that if the conflict leads to a contraction of oil supply in the international market by 2% (approximately 2 million barrels per day), the situation could resemble the aftermath of the conflicts in Iraq in 2003 and Libya in 2011.

However, the World Bank also notes that oil producers not affected by the conflict are likely to respond quickly to any price increases and ramp up production. As a result, the price spike may be short-lived, with forecasts suggesting that oil prices could stabilize at around $84 per barrel by 2025.

If the Middle East conflict does not spread, the report predicts a decline in oil prices, with average annual Brent prices falling to a four-year low of $73 per barrel in 2025, compared to $80 per barrel this year.

Additionally, the World Bank anticipates that gold prices will soar by 21% this year compared to the 2023 average, reaching record highs. Overall, international commodity prices are expected to decline to a five-year minimum by 2025, according to the report.