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Large Language Models (LLMs) have shown impressive performance across natural language tasks, but their ability to forecast violent conflict remains underexplored. We investigate whether LLMs possess meaningful parametric knowledge-encoded in their pretrained weights-to predict conflict escalation and fatalities without external data. This is critical for early warning systems, humanitarian planning, and policy-making. We compare this parametric knowledge with non-parametric capabilities, where LLMs access structured and unstructured context from conflict datasets (e.g., ACLED, GDELT) and recent news reports via Retrieval-Augmented Generation (RAG). Incorporating external information could enhance model performance by providing up-to-date context otherwise missing from pretrained weights. Our two-part evaluation framework spans 2020-2024 across conflict-prone regions in the Horn of Africa and the Middle East. In the parametric setting, LLMs predict conflict trends and fatalities relying only on pretrained knowledge. In the non-parametric setting, models receive summaries of recent conflict events, indicators, and geopolitical developments. We compare predicted conflict trend labels (e.g., Escalate, Stable Conflict, De-escalate, Peace) and fatalities against historical data. Our findings highlight the strengths and limitations of LLMs for conflict forecasting and the benefits of augmenting them with structured external knowledge.