US EditionIMF raises concern over global inflation, output over Iran war
Iran's attacks on Gulf energy sites disrupted a fifth of global oil and gas flows, causing Brent crude to surge over 10%, raising inflation and supply concerns.
- Across the Gulf on Thursday, Iran struck Qatar's Ras Laffan LNG facility and damaged a Saudi Red Sea refinery plus two Kuwaiti refineries.
- Following an Israeli strike on South Pars, Tehran said it struck in retaliation and vowed to target Gulf energy facilities.
- Market moves showed immediate impact as Brent crude shot up more than 10 percent to over $119 a barrel and European gas prices jumped 35 percent before settling around 70 euros per megawatt hour.
- European electricity markets face rising prices because gas largely determines power costs, and analysts warn the war is targeting energy infrastructure, increasing price pressure in coming days.
- Meanwhile analysts at EnergyScan said, "We are not yet in the worst-case scenario we described in our last monthly report, but we are getting closer," and Kristy Kramer noted a quick recovery now appears unlikely.
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InsideNoVA.com
IMF raises concern over global inflation, output over Iran war
The International Monetary Fund said on Thursday it was monitoring the impacts of the war in Iran on global inflation and output, but that no countries had so far approached it for emergency assistance related to the conflict.
View: In the Iran war, the Gulf’s shock absorber is still oil
Alaa’s viewGulf states have spent the past decade trying to reduce their reliance on oil and gas. But when they begin counting the costs of the Iran war, it is still hydrocarbons – and the vast wealth built on them — that will cushion the economic shock.The war was not of the Gulf’s making, but since the joint US-Israeli attack on Iran set it off, the region has had to deal with the fallout. Iran’s retaliation and the disruption of the Strait of…
At a press conference, Julie Kozack, Director of Communication of the IMF, said that if oil prices remained high for a year, this could have a significant impact on global inflation. She also said that the IMF was prepared to support countries in need by using all the tools at its disposal, although no country had sought assistance since the beginning of the Middle East war. Geopolitical tensions, including the blockade of the Strait of Ormuz — …
WASHINGTON, USA.- The war between the U.S. and Israel against Iran reached its 20th day without a “definitive deadline” for its conclusion, Defense Secretary Pete Hegseth reported, amid an escalation of attacks that already impact key energy infrastructure. Recent targets include the South Pars site, [...] The entry War in Iran Scales and Presses Global Economy aparece primero en PSN Noticias.
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