Financial News: Brent Crude Oil Prices May Climb 36% In

Brent Crude Oil Prices May Climb 36% In 2026 On Middle East Conflict: World Bank

06/12/2026 - 09:43:00 (RTTNews)

(RTTNews) - 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.

"This reflects a baseline assumption that shipping through the Strait of Hormuz remains severely disrupted through July, with shipping volumes haltingly resuming thereafter, and approaching pre-conflict levels by the end of the year," the lender said.

"The outlook remains highly sensitive to the duration and intensity of these disruptions," the World Bank said.

Thus, the Brent crude oil price is projected to average $94/barrel in 2026, an increase of 36 percent over 2025 and more than 50 percent or $34 above the January outlook, the World Bank report said. For 2026, the natural gas prices are anticipated to rise about 30 percent in Europe and only 2 percent in the U.S. due to reduced supply of liquefied natural gas globally.

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