US-Iran war to pull global economy to post-COVID low: World Bank

The World Bank cut its 2026 global growth forecast to 2.5 percent from 2.9 percent, citing surging energy prices, rising inflation, and higher borrowing costs due to the Middle East conflict. Iran's closure of the Strait of Hormuz is straining global energy supply chains. Brent crude is expected to average $94 a barrel this year, and global inflation is forecast to hit 4 percent. Growth could fall to 1.3 percent if supply disruptions worsen.