The International Monetary Fund published a joint statement with the International Energy Agency, World Bank Group and World Trade Organization after a meeting of their high-level coordination group, saying they are coordinating support for the energy, trade and economic effects of the war in the Middle East. The institutions warned that the shock is hitting countries unevenly, with the most vulnerable facing higher fuel and fertilizer prices, increased uncertainty, and risks to jobs and livelihoods. The group highlighted a record drawdown in global oil inventories following the major loss of supply through the Strait of Hormuz and warned that, if shipping flows do not return to normal, continued depletion ahead of peak summer demand in the Northern Hemisphere could raise risks to fuel security, market conditions and broader economic stability. It also flagged fertilizer prices as a particular concern as many countries enter the planting season, and said it is monitoring fertilizer supply chains, energy and economic developments, and government measures taken in response to the conflict to promote transparency, share lessons and identify emerging risks. The institutions said they will remain in close contact as the situation evolves and continue coordinating multilateral and bilateral support for the most affected countries and for global economic stability.

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