Leaders of the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank, and World Trade Organization met to discuss the economic and energy impacts of the ongoing war in Iran and the wider Middle East. Following the meeting, the institutions issued a joint statement warning that if shipping through the Strait of Hormuz does not return to normal, global oil reserves could be depleted before the northern hemisphere’s summer demand peaks. They cautioned that this would heighten risks to energy security, market stability, and the broader global economy.

The statement also noted that the organizations are exploring ways to strengthen collective support through multilateral and bilateral measures to mitigate the crisis and its economic consequences. In April, the IMF, World Bank, and IEA had announced the formation of a joint team to assist vulnerable economies in managing the crisis.

The institutions’ coordinated approach signals growing concern over the potential escalation of the energy crisis and its ripple effects on global markets and economic stability.