World Bank warns Hormuz disruption could push energy costs 24%
The World Bank says global energy prices could hit their highest since the war in Ukraine, thanks to new turmoil in the Middle East.
Iran recently virtually blocked the Strait of Hormuz after U.S.-Israeli strikes targeting Iran, which has disrupted key oil and gas supplies.
As a result, energy costs are expected to jump by 24% this year, meaning higher bills and possibly more inflation for everyone.
Fertilizer prices up 31% in 2026
Fertilizer prices are also on track to rise by 31% in 2026, mainly because urea costs have shot up. This could make farming tougher and food more expensive.
Plus, overall commodity prices may climb 16% by 2026 as conflicts continue and demand for metals like aluminum and copper grows, especially with electric vehicles and data centers booming.
In short: expect higher costs across the board.