World Bank Warns on Food Prices; Wheat Climbs amid the Hormuz Crisis

According to the World Bank's Commodity Markets Outlook, the West Asia war and disruption in the Strait of Hormuz have pushed global food prices higher through rising energy, fertilizer and shipping costs. Grain prices rose about 5% in the first quarter of 2026, led by a 9% jump in wheat and a 4% rise in maize; more recent reports say wheat has climbed about 13% since the previous update.

West Asia and the Persian Gulf are the world's largest importers of wheat and rice, making them highly sensitive to price shocks; in March, food inflation rose sharply in the Persian Gulf's import-dependent economies. Iran is also a major wheat importer, and the trend feeds into household costs.