Washington, April 28 -- The US and Israel's joint war against Iran is expected to push global prices higher, with the World Bank warning of a surge that has not seen since the early months of the Russia- Ukraine war in 2022.
In its latest Commodity Markets Outlook, the World Bank said attacks on energy infrastructure and ongoing disruption to shipping through the Strait of Hormuz - a route that previously carried around a quarter of the world's seaborne crude - have triggered the largest oil supply shock to date.
The impact is already being felt across global markets, as oil prices have skyrocketed, with Brent crude climbing above $112 a barrel, and the bank warning that oil prices could reach as high as $115 in 2026 if the crisis drags o...