Washington, March. 3 (SANA) The International Monetary Fund (IMF) warned Tuesday that the ongoing military escalation in the Middle East could have repercussions on the global economy and financial markets.
In a statement cited by CNN, the IMF said it has so far observed disruptions in trade and economic activity, along with a sharp rise in energy prices, noting increased volatility and uncertainty in the global economic environment.
The escalation, including continuing strikes between the United States and Israel on one side and Iran on the other, as well as Iranian attacks on several Arab countries, has driven oil and gas prices higher and disrupted shipping and trade following the closure of the Strait of Hormuz, through which about 20% of global oil imports and 20% of liquefied natural gas pass.
