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Euronews
Euronews
Quirino Mealha

Iran war will trigger largest energy price surge since 2022, World Bank warns

World Bank Iran Oil International Monetary Fund OPEC Strait of Hormuz

The World Bank’s latest Commodity Markets Outlook, published on Tuesday, predicts a 24% surge in energy prices this year as the Iran war and the consequent blockade of the Strait of Hormuz deliver a historic shock to global markets.

This projected increase represents the most significant energy price spike since Russia's full-scale invasion of Ukraine in 2022, threatening to entrench high inflation and stall economic progress in developing nations.

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