US EditionIran War to Push Global Energy Prices to Four-Year High, World Bank Says
The World Bank says the conflict will lift energy costs 24% this year and could push Brent to $115 if damage to facilities worsens.
- On Tuesday, The World Bank released its Commodity Markets Outlook, forecasting global energy prices will rise 24 per cent this year to a four-year high, deepening inflation and slowing growth worldwide.
- The Iran war has created the largest supply shock on record, reducing global oil supplies by 10 million barrels per day while the Strait of Hormuz remains under blockade.
- Fertilizer costs are intensifying pressure on poorer economies, with prices expected to jump by almost a third driven by a 60 per cent surge in urea rates; the World Food Programme estimates 45 million more people face acute food insecurity.
- Developing economies face stalled growth now projected at just 3.6 per cent in 2026, even as the UAE announced on Tuesday its withdrawal from Opec after more than five decades.
- Chief economist Indermit Gill warned governments against broad fiscal measures, urging instead "temporary support targeted to the most vulnerable households" to mitigate the historic energy supply crisis.
22 Articles
22 Articles
Energy prices expected to surge 24pc, reaching highest level since 2022 Russia-Ukraine war: World Bank assessment
ISLAMABAD: Energy prices are projected to surge by 24 per cent this year to their highest level since Russia’s invasion of Ukraine in 2022, as the war in the Middle East sends a severe shock through global commodity markets, the World Bank Group said in its latest Commodity Markets Outlook. Overall, commodity prices are forecast to rise 16pc in 2026, driven by soaring energy and fertiliser prices and record-high prices for several key metals, ac…
World Bank Warns of Biggest Commodity Shock Since 2022
Key Points — The World Bank’s Commodity Markets Outlook published Tuesday April 28 forecasts global energy prices to surge 24 percent in 2026 — the largest spike since Russia’s 2022 invasion of Ukraine. The World Bank commodity shock outlook projects overall commodity prices rising 16 percent in 2026 driven by the Iran war’s disruption of […] The post World Bank Warns of Biggest Commodity Shock Since 2022 appeared first on The Rio Times.
Commodity prices could rise further if hostilities in the region escalate and supply disruptions last longer than expected.
Coverage Details
Bias Distribution
- 62% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
