The International Monetary Fund has expressed concern over rising energy prices and disruptions to global trade resulting from escalating tensions in the Middle East.

In a statement published on its website, the Fund said it is closely monitoring developments, noting that the conflict has already led to surges in energy prices, volatility in financial markets, and interruptions to trade and economic activity.

The IMF stated that the situation remains highly fluid and adds pressure to an already uncertain global economic environment. It cautioned that it is too early to determine the full economic impact, stressing that outcomes will depend on the scale and duration of the conflict.

The crisis has triggered operational suspensions by several airlines and disruptions to major shipping routes. Some energy companies have reportedly halted activities, tightening fuel supply to key global markets.

Oil and gas shipping rates have climbed sharply, with supertanker costs in the Middle East rising amid heightened geopolitical risk.

Attention has focused on the Strait of Hormuz, a strategic maritime corridor responsible for transporting roughly one-fifth of global oil supply, intensifying fears of supply bottlenecks and price spikes.

Industry stakeholders in Nigeria have advised authorities to consolidate domestic refining capacity and ensure consistent crude oil supply to minimise exposure to external shocks.