INA–Follow up
The World Bank confirmed on Thursday that the closure of the Strait of Hormuz has led to severe disruption in energy markets.
In a report reviewed by the Iraqi News Agency (INA), the World Bank stated that "the closure of the Strait of Hormuz has led to severe disruption in energy markets", adding that "the average price of Brent crude this year will be $94 per barrel, an increase of about 50% compared to the January forecast."
The report further explained that global inflation is expected to rise to 4% this year from 3.3% in 22025 andcould reach 4.4% if the war continues, while noting that "the global economy will grow by 2.5% in 2026, down from the January forecast of 2.6%."