IEA, IMF, World Bank Group Form Middle East War Coordination Group

The International Energy Agency, International Monetary Fund, and World Bank Group have formed a joint coordination group to address the significant economic and energy impacts of the ongoing Middle East war. The conflict, which began with the United States and Israel striking Iran, has escalated into a regional crisis, causing major disruptions in energy supplies and triggering one of the largest supply shortages in global energy market history. The war has led to higher prices for Petroleum, Natural gas, and Fertilizer, and affected global supply chains for commodities like Helium, Phosphate, and Aluminium. The coordination group will monitor developments, align analysis, and provide targeted support, including policy advice and financial assistance, to countries in need, particularly low-income nations, to safeguard global economic and financial stability.