WASHINGTON, April 28. /TASS/. The World Bank expects fuel prices to rise by 24% this year due to the US and Israeli war with Iran, according to its latest report on commodity market outlooks, which noted that this figure will reach its highest level in four years.
Energy prices are projected to increase by 24% this year, the bank’s experts said, adding that this would mark the highest levels since 2022. The report stated that the average price of Brent crude is expected to reach $86 per barrel in 2026.
These forecasts are based on the assumption that the most severe supply disruptions will end in May and that shipments through the Strait of Hormuz will gradually return to pre-war levels by the end of 2026, the authors noted.
Meanwhile, the International Monetary Fund (IMF), in its flagship World Economic Outlook report published on April 14, projected that oil and gas prices could rise by 100% and 200%, respectively, in 2026-2027 if the US-Israeli operation against Iran is prolonged. Under the most adverse scenario, the average price of oil would stand at about $110 per barrel this year and around $125 next year, under a less adverse scenario, about $100 this year and around $75 next year, and under a favorable scenario, $82.22 this year and $75.97 next year, the IMF estimated.