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Global commodity prices are expected to rise sharply this year, led by strong gains in energy markets, according to the latest Commodity Markets Outlook report from the World Bank Group.
The report, released on Friday May 1, 2026, projects a 16 percent increase in overall commodity prices in 2026, driven by tightening supply and heightened geopolitical tensions.
Metals and minerals are also forecast to post significant gains, rising 17 percent year-on-year, supported by robust demand from renewable energy, electrification and data infrastructure.
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“Key industrial metals such as aluminium, copper and tin are expected to hit record highs for a third straight year amid ongoing supply constraints,” according to the report.
Precious metals are tipped to outperform all categories, with prices projected to surge by 42 percent.
Gold, silver and platinum are benefiting from geopolitical uncertainty, strong investor demand and expanding industrial use.
Energy prices are expected to jump 24 percent, reaching their highest levels since Russia’s invasion of Ukraine, as supply disruptions in the Middle East persist, the report said.
Oil remains central to the outlook, with Brent crude rising from an average of US$69 per barrel earlier in the year to about US$100 in March and April.
Prices are expected to stay elevated in the near term before easing later, averaging US$86 per barrel in 2026.
However, rising energy costs are beginning to weigh on global demand, with consumption projected to decline slightly due to higher prices and policy measures aimed at managing shortages.
“While some easing is expected in 2027 as supply improves, commodity prices are likely to remain high by historical standards, reflecting continued volatility in global markets,” the report stated.
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