The World Bank announced on Thursday that it is prepared to provide large-scale assistance to countries facing difficulties due to disruptions in maritime transport and energy markets caused by the conflict in the Middle East.
Several emerging market economies have reached out to the Bank as the ongoing conflict has had an impact on commodity prices and logistical networks, although the exact number of requests received has not been disclosed.
The Washington-based institution says it is collaborating closely with governments, private sector entities, and regional partners to support them in tackling these challenges.
It is monitoring global market developments and maintaining direct contact with the most affected countries to better understand their needs.
The Bank plans to use all available tools to support governments, businesses, and households, with a focus on providing immediate assistance to countries requesting help.
The conflict broke out on 28 February, following a series of attacks launched by the US and Israel on Iran. In response, Iran targeted various locations across the region, including key oil and gas infrastructure.
The violence has driven oil prices sharply upward, with the West Texas Intermediate crude exceeding $95 per barrel and the Brent crude surpassing $107.
Iran’s decision to close maritime traffic through the Strait of Hormuz has further disrupted shipping in the region, halting the movement of goods such as fertilisers and leaving vessels stranded on both sides of the waterway.
