THE spike in oil prices sparked by the conflict in the Middle East is not expected to affect the price of liquefied natural gas (LNG) in Jamaica based on contracts now in place with the island’s prime supplier Excelerate Energy.

The World Bank Group has projected that oil prices will this year hit their highest level since Russia’s invasion of Ukraine in 2022, as the war in the Middle East sends severe shocks through global commodity markets.

According to the World Bank Group, overall commodity prices are forecast to rise 16 per cent in 2026, driven by soaring energy and fertiliser prices and record-high prices for several key metals.