Summary

• The Iran conflict has triggered the biggest energy security threat in history, according to Fatih Birol.
• Yet, the impact will not be felt uniformly, a disparity that likely plays a role in the varied responses in global stock markets to date.
• The war in the Middle East and the ensuing energy supply shock are raising inflation, weakening external balances, and narrowing policy options, underscoring the region’s dependence on imported oil and gas, the IMF advised.

The Iran conflict has triggered “the biggest energy security threat in history,” according to Fatih Birol, head of the International Energy Agency (IEA), speaking on CNBC yesterday. Yet, the impact will not be felt uniformly, a disparity

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