Iran war to push energy prices to highest since Ukraine invasion: World Bank

Iran war to push energy prices to highest since Ukraine invasion: World Bank The World Bank said that war in the Middle East is expected to push energy costs this year to their highest since Russia's full-scale invasion of Ukraine. "The war is hitting the global economy in cumulative waves: first through higher energy prices, then higher food prices, and finally, higher inflation," said World Bank chief economist Indermit Gill. Energy costs are projected to make a 24-percent surge this year, hitting their highest level since Russia's 2022 invasion of Ukraine, the World Bank said.