The International Monetary Fund (IMF) says it is closely monitoring developments in the Middle East, following the ongoing war between the United States, Israel and the People Republic of Iran.
The war, which has claimed the life of the Iranian Supreme Leader, Ayatollah Ali Khamenei, through a joint American and Israeli strike, is still raging.
IMF, in a statement issued on Tuesday, said it has so far observed disruptions to trade and economic activity, surges in energy prices, and volatility in financial markets.
Noting that “the situation remains highly fluid and adds to an already uncertain global economic environment. It is too early to assess the economic impact on the region and the global economy. That impact will depend on the extent and duration of the conflict.”
The global body said it would provide a comprehensive assessment of the situation in its April World Economic Outlook.
Analysts had predicted that prices of oil could climb as high as $100 following ongoing the war in the Middle East.
The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern about the war.
