The persisting conflict in the Middle East and the closure of the Strait of Hormuz are expected to keep the global energy prices elevated this year with a 36 percent increase in the Brent crude oil prices, a new report from the World Bank said.
As a result of disruptions to the flows of energy products and other commodity supplies from the Middle East region, commodity prices have moved up sharply. Overall, commodity prices are anticipated to rise by 22 percent this year, in contrast to the 7 percent decline expected in January, according to the lender's Global Economic Prospects Report released on Thursday.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.