World Bank: War in Iran will cause the biggest increase in energy prices since 2022

The World Bank's latest Commodity Markets Outlook report predicts a 24% increase in energy prices this year.

This is because the war in Iran and the subsequent blockade of the Strait of Hormuz bring a historic shock to global markets.

This projected increase represents the most significant increase in energy prices since Russia's full invasion of Ukraine in 2022, threatening to create high inflation and halt economic progress in developing countries.

According to the report, global commodity markets face their most volatile period in four years, with energy and fertilizer prices expected to lead to a broad 16% increase in overall commodity costs through 2026. Regional instability has already resulted in the largest oil supply disruption ever recorded, with global production falling by over 10 million barrels per day during the crisis./CNA

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