Global economic chiefs warn of prolonged commodity price surge
The heads of the International Monetary Fund, World Bank and International Energy Agency have warned that disruptions from the US-Israel war with Iran could lead to a prolonged period of high prices for critical commodities, including energy and fertiliser.
Fatih Birol, executive director of the IEA, said the damage to energy infrastructure across the region represents “the greatest energy security challenge in history.”
According to the agency, roughly one-third of the energy facilities it tracks in the region have been damaged during the conflict.
Birol also warned that global economic conditions could deteriorate further in April as oil supplies from tankers that were already in transit when the war began begin to run down.
