World Bank forecasts 24 percent energy price surge due to Iran war
In a new assessment published on April 28, 2026, the World Bank warned that global energy prices are projected to rise by 24 percent, the highest level since the 2022 Russia-Ukraine conflict. The report attributes this surge to the ongoing blockade of the Strait of Hormuz and military operations in the Persian Gulf. This spike is expected to exacerbate global inflation, increase food insecurity in import-dependent nations, and severely impact international shipping costs.
Date: April 28, 2026
Location: Global
Conflict: US-Iran Conflict
Category: other
Severity: HIGH
Source: Dawn