World Bank Warns of Rising Costs Amid Middle East Conflict

The World Bank has raised concerns about mounting supply risks and costs as conflicts in the Middle East escalate. The bank reported that crude oil prices surged nearly 40 percent between February and March, while liquefied natural gas shipments to Asia increased by almost two-thirds, and nitrogen-based fertilizer prices rose nearly 50 percent in March.

In response, the World Bank is prepared to assist client countries by providing immediate financial relief and leveraging its portfolio to support recovery and job growth. The bank emphasized the need for close monitoring of the situation and direct contact with affected countries to understand their challenges.

It plans to utilize a range of instruments to deliver immediate relief and support essential liquidity for firms and households. The bank's commitment includes working with governments and the private sector to navigate the crisis and safeguard economic progress.