New York (Commerce Desk) — According to a recent report, due to the ongoing war involving Iran, global petroleum prices are expected to rise by up to 24% this year in international markets, marking the highest level since the 2022 Russia–Ukraine war.
In its Commodity Markets Outlook report, the World Bank projected that overall commodity prices could increase by 16% in 2026, mainly driven by rising energy and fertilizer costs and record-high prices of some key metals.
The report estimates that the average price of Brent crude oil could reach $86 per barrel in 2026, compared to an average of $69 per barrel in 2025. This projection is based on the assumption that current disruptions will ease by early May and supply conditions will gradually normalize.
The World Bank stated that attacks on energy infrastructure and disruptions in maritime transport in the Strait of Hormuz have severely affected global oil supply, through which nearly 35% of the world’s seaborne oil trade passes.
Due to this situation, an initial reduction of around 10 million barrels per day in global oil supply was also recorded.
