World Bank Warns Commodity Prices Could Hit Four-Year High As Iran War Disrupts Energy, Food And Metals Markets

Washington, 29 April 2026 – Global commodity prices are projected to rise to their highest level since 2022 this year, as the Iran war continues to disrupt energy flows, metals supply and fertiliser markets, raising new concerns over inflation, food security and economic growth across developing economies.

The World Bank Group said in its latest Commodity Markets Outlook that overall commodity prices are forecast to climb 16% in 2026, marking the first annual increase since Russia’s invasion of Ukraine triggered a global energy and inflation shock four years ago. The increase is being driven largely by higher energy and fertiliser prices, as well as record-high prices for several key metals.