Energy prices are tipped to surge by 24 per cent this year, their highest level since Russia’s invasion of Ukraine, and could tick even higher if supply disruptions from the Middle East war continue, the World Bank warns.
While Brent crude oil prices moderated from their recent peak of $111 a barrel, they could reach as high as $115 a barrel this year if there is more damage to critical oil and gas facilities or export volumes are slower to recover, the World Bank stated in its latest Commodities Outlook published on Tuesday.