Escalation in the Middle East could have serious consequences for the region’s and the world’s economy, said International Monetary Fund ( IMF ) official representative Julie Kozak, RIA Novosti reports .
According to her, the organization is closely monitoring the escalation of the Middle East conflict with great concern.
“The potential for further escalation of the conflict increases threats and uncertainty and could have significant economic consequences for the region and beyond,” Kozak said.
She added that the IMF calls for an end to current conflicts not only in the Middle East but elsewhere as well.
On October 3 , it was reported that global stock markets showed a decline amid rising oil prices due to the conflict in the Middle East.
European and Asian stocks were broadly lower on Thursday, with the euro zone index down 0.5% and MSCI’s global index down 0.2%. Asia-Pacific shares outside Japan lost 1%.
Brent and WTI crude futures rose more than $1 to $75.27 and $71.52, respectively, on concerns that the conflict could disrupt oil supplies from a key export region.
Trump previously called Iran’s missile attack on Israel a war that could have been prevented.