Oil prices spike as war risks rise, World Bank sees 24% surge in 2026

Crude oil prices surged sharply, with WTI futures climbing above $110 per barrel, as escalating US-Iran tensions raised fears of supply disruptions. Reports of potential US military action and continued naval blockade against Iran dampened hopes for a diplomatic resolution. Further supporting the rally, the World Bank projected a 24% rise in energy prices in 2026 amid Middle East tensions, while the UAE?s decision to exit OPEC added to uncertainty over future supply dynamics. In India, MCX May crude futures jumped nearly 2%, crossing the ₹10,000 per barrel mark, reflecting strong global cues and heightened geopolitical risks.

Powered by Commodity Insights