Major global institutions have reiterated their commitment to supporting countries impacted by the ongoing crisis in the Middle East, particularly in relation to its effects on energy, food security and global economic stability.
The International Energy Agency (IEA), International Monetary Fund (IMF), World Bank Group and World Trade Organisation (WTO) disclosed this in a joint statement released on Friday following a high-level coordination meeting held on May 28.
According to the statement, the meeting forms part of a broader coordination framework established in April to assess and respond to the economic and trade disruptions arising from the conflict in the region.
The institutions noted that the ongoing war is producing uneven and significant effects across countries, particularly through disruptions in energy supplies, rising food costs and increasing economic uncertainty.
They warned that while the global economy continues to show resilience, vulnerable nations are bearing the brunt of the crisis through higher fuel prices, rising fertiliser costs and pressure on employment and livelihoods.
The statement highlighted growing concern over fertiliser price increases, especially as several countries enter critical planting seasons.
It also noted that global oil inventories are being rapidly depleted due to significant supply disruptions linked to key shipping routes in the Strait of Hormuz.
The institutions cautioned that continued strain on shipping flows could further reduce global oil reserves ahead of peak summer demand in the Northern Hemisphere, potentially affecting fuel stability and wider economic conditions.
Officials said the meeting was convened to review the situation, assess impacts on the most affected regions and strengthen coordination of support measures.
They added that discussions also explored additional multilateral and bilateral responses aimed at cushioning affected economies.
The organisations stressed the importance of continuous monitoring of energy markets, fertiliser supply chains and broader economic developments, alongside government policy responses.
They also noted ongoing efforts to track measures introduced by various countries to address the crisis, with the aim of improving transparency, sharing insights and identifying emerging risks.
The institutions concluded that they would maintain close collaboration as the situation evolves, while sustaining efforts to support affected nations and safeguard global economic stability.