The heads of the International Energy Agency, International Monetary Fund, World Bank Group and the World Trade Organisation met yesterday to discuss their institutions’ response to the impacts of the war in the Middle East, they have said in a joint statement today according to Reuters.

“If shipping flows do not return to normal, continued rapid depletion of global oil inventories ahead of peak summer oil demand in the Northern Hemisphere would present increasing risks for fuel security, market conditions, and broader economic resilience,” the institutions said, referring to the blockade in the Strait of Hormuz.

The institutions also explored options to “further enhance collective support through multilateral and bilateral actions”, it added.