India, June 12 -- The persisting conflict in the Middle East and the closure of the Strait of Hormuz are expected to keep the global energy prices elevated this year with a 36 percent increase in the Brent crude oil prices, a new report from the World Bank said.
As a result of disruptions to the flows of energy products and other commodity supplies from the Middle East region, commodity prices have moved up sharply. Overall, commodity prices are anticipated to rise by 22 percent this year, in contrast to the 7 percent decline expected in January, according to the lender's Global Economic Prospects Report released on Thursday.
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