A man refuels his car at an Orlen petrol station after Poland capped fuel prices and temporarily cut fuel taxes, introducing daily price limits as governments across Europe seek to shield consumers from rising fuel costs, amid the US-Israeli conflict with Iran, in Warsaw, Poland on March 31, 2026.
Global energy prices are projected to rise by 24 percent this year to their highest level since Russian invasion of Ukraine, as escalating uncertainty over the Middle East crisis sends shockwaves through global commodity markets, the World Bank has warned. The outlook paints a grim picture for East African economies in 2026.
In its latest Commodity Markets Outlook, the bank says overall commodity prices are forecast to increase by 16 percent this year, driven by soaring energy and fertiliser costs, as well as record prices for several key metals.
