Energy prices to climb 32% this year as global shocks mount, World Bank says
Energy prices are set to rise by 32 per cent this year due to conflicts in the Middle East and Ukraine, driving up a broad set of commodity prices and threatening to worsen inflation, the World Bank said on Wednesday. Global commodity prices are forecast to climb 23 per cent in 2026 due to rising energy prices and disrupted grain shipments in the Black Sea, the World Bank said in its latest…
The World Bank has forecasted a 32% increase in energy prices this year, driven by conflicts in the Middle East and Ukraine, which are causing global commodity prices to surge by 23%. Brent crude is expected to rise from $69 per barrel in 2025 to $91 per barrel this year, before easing to $79 in 2027. The bank warns that if tensions intensify in the Iran war or Russia's oil infrastructure remains damaged, energy prices could climb further. This price escalation threatens to worsen inflation, food insecurity, and economic growth.
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