India, April 28 -- The World Bank on April 28, 2026, warned that the US-Israel war with Iran is set to trigger the largest global energy price surge since Russia's 2022 invasion of Ukraine, even as the United Arab Emirates (UAE) exited the OPEC and OPEC+ on the same day, dealing ⁠a heavy ⁠blow to both oil exporting groups.

The war, which began after the US and Israel launched attacks on Iran in the wee hours of February 28, 2026, will pushing commodity prices sharply higher, stoking inflation and slowing growth across developing economies, according to the World Bank Group's latest Commodity Markets Outlook.

The multilateral development bank forecast energy prices to jump 24 per cent in 2026, while overall commodity prices a...