emirates7 - Several international organisations, including the International Monetary Fund (IMF), the International Energy Agency (IEA) and the World Bank, have warned of the risk of fuel shortages this summer if maritime traffic through the Strait of Hormuz does not return to normal swiftly.

In a joint statement, the heads of the three institutions said global oil inventories were being depleted at a record pace due to the significant loss of supplies passing through the Strait of Hormuz. They warned that the continued rapid decline in global stockpiles would pose growing risks to fuel security, market stability and broader economic resilience if shipping flows are not restored before peak summer demand in the Northern Hemisphere.

The statement added that the surge in energy and fertiliser prices resulting from the conflict in the Middle East has had a disproportionate impact on low-income countries, noting that higher fertiliser prices are of particular concern as many countries enter the planting season.

Iran has restricted shipping through the Strait of Hormuz, a vital waterway through which around one-fifth of global oil and liquefied natural gas supplies normally pass, in response to US-Israeli attacks launched in late February.

In April, the heads of the IMF, World Bank and IEA announced they were forming a group to coordinate the agencies' response to the crisis, particularly for vulnerable economies.

At the IMF's Spring Meetings this year, IMF Managing Director Kristalina Georgieva highlighted that the war had forced a paring of the global growth forecast.

She estimated that vulnerable economies would need between $20-50 billion in financial assistance due to the economic fallout of the conflict.