World
World Bank: US-Iran conflict could drag global economy to lowest since COVID-19
The World Bank has cut its 2026 global growth forecast to 2.5%, the lowest since the COVID-19 pandemic, citing the US-Iran conflict driving up energy prices and inflation. Iran's closure of the Strait of Hormuz has disrupted oil and gas supply chains, pushing Brent crude prices up 36% and global inflation to 4%. The bank warns growth could fall to 1.3% if disruptions worsen, with developing nations hit hardest.