The conflict between Hamas and Israel may have repercussions on the world economy (already weakened by the Sars-Cov-2 pandemic and by the war in Ukraine). The price of oil and energy are the main concerns: the USA reserves of crude oil are at their lowest in recent memory, and prices are reaching dangerously high levels, just as the 2024 Presidential election gets closer. Across the pond, Europe is risking yet another rise in inflation - just as the cycle of interest rate hikes was coming to a close. The central banks need to walk a tightrope, in stiff conditions and avoiding the perils of stagflation: where high prices and zero growth coexist. A disaster that must be averted at all costs.