World: Middle East Crisis - Update: Prices & Currencies (May 2026)

Country: World Source: World Food Programme Please refer to the attached file. Highlights April 2026 Global food prices increased moderately compared to the start of the Middle East crisis, with Hormuz-related energy and geopolitical developments adding upward pressure. Vegetable oils stand out in particular, driven largely by strong biofuel demand. Crude oil prices have risen sharply, 57 percent for WTI and 52 percent for Brent, since the conflict began. Annually both prices increased by 81 percent. Local gasoline prices increased by at least 15 percent in 17 countries since the start of the Middle East crisis; 11 countries experienced increases between 5 and 15 percent. Local diesel prices increased by at least 15 percent in 13 countries; 19 countries experienced increases between 5 and 15 percent. Fertilizer prices rose after the Strait of Hormuz was blocked, causing urea and sulfur price increases comparable to those seen after the 2022 Ukraine conflict. Although the ceasefire raised expectations of a Strait of Hormuz reopening, shipping flows recovered only marginally as security risks continued, with prices remaining above pre-conflict levels. 15 countries experienced year-on-year food inflation of at least 15 percent; 8 countries experienced year-on-year food inflation between 10 and 15 percent. 36 countries experienced year-on-year food inflation between 5 and 10 percent. 7 currencies are flagged as hotspots or in alert, indicating annual value losses that are unusually high, rapidly accelerating or both.

Original source: Relief Web