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The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report Monday.

Oil has already risen six per cent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel and killed more than 1,400 people, mostly civilians, and seized nearly 240 hostages, according to Israeli officials.

Israel has responded with an unrelenting bombardment of Gaza, which the Hamas-run health ministry says has killed more than 8,000 people, nearly half of them children.

The conflict between Israel and Hamas comes as Russia's war in Ukraine has already put pressure on markets, with that war being "the biggest shock to commodity markets since the 1970s," warned World Bank chief economist Indermit Gill.

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