International organizations jointly warn of the negative impact of Middle East conflict

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The International Energy Agency, the International Monetary Fund, the World Bank, and the World Trade Organization issued a joint statement on the 29th, warning that the Middle East conflict poses substantial and highly asymmetric shocks to global energy supplies, food security, economic activities, and other areas. The statement said that although the global economy still shows resilience, the rise in fuel and fertilizer prices caused by the Middle East conflict, along with increased uncertainty and risks to employment and livelihoods, are having a greater impact on the most vulnerable countries. As some countries enter the planting season, the rise in fertilizer prices is particularly concerning. The statement emphasized the importance of closely monitoring fertilizer supply chains, energy and economic conditions, and policy responses. The statement also noted that due to the "blockade" of shipping through the Strait of Hormuz, global oil inventories are declining at a record pace. If shipping cannot return to normal, global oil stocks will continue to decline rapidly before the peak summer demand in the Northern Hemisphere, increasing risks to fuel security, market conditions, and economic resilience. (Sina Finance)
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