Middle East War Sparks the Biggest Energy Price Surge in Four Years

Energy prices are expected to surge by 24% this year due to the Middle East war, according to the World Bank's forecasts. Attacks on energy infrastructure and shipping disruptions in the Strait of Hormuz have led to a reduction in global oil supply of about 10 million barrels per day. Brent oil prices are projected to average $86 a barrel in 2026, while fertilizer prices are set to increase by 31%, threatening farmers' incomes and food security.