Impact of Middle East conflict on global economy
The IMF has flagged that ongoing fighting in the Middle East is making global prices more expensive.
Oil costs have jumped 13% after recent attacks and disruptions — including drone strikes and strikes on facilities — reduced shipping through the crucial Strait of Hormuz.
Ports in the region have been attacked, halting shipments and raising the risk of fuel shortages, especially in Asia.
IMF warns of rising costs
Higher oil prices mean everything from travel to daily essentials could get pricier around the world.
The IMF's Kristalina Georgieva warned that if this crisis drags on, inflation will rise and countries may need to rethink their economic plans.
For young people, this could mean higher costs for flights, goods, and even more expensive commutes, so it's worth keeping an eye on how these global events might hit your wallet.