The world is facing the biggest global energy supply shock on record, which will drive inflation and dampen economic growth globally
The Middle East war has triggered the biggest global energy supply shock on record and will drive a sharp rise in commodity prices, pushing inflation higher and slowing economic growth worldwide, the World Bank has warned.
Attacks on energy infrastructure and shipping in the critical Strait of Hormuz have cut global supply by about 10 million barrels per day in the early stage of the US‑Israeli war on Iran, according to the bank’s Commodity Markets Outlook released on Wednesday.
Energy prices are set to jump by…
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