As the International Monetary Fund (IMF) and World Bank convene in Washington, D.C., the ongoing conflict in Iran casts a shadow over the global economy. The IMF has indicated that the economic scars from this war could take more than a decade to recover from, particularly impacting low-income countries and energy importers. The heads of the IMF, World Bank, and International Energy Agency (IEA) have noted that the conflict has led to increased prices for oil, gas, and fertilizers, raising concerns about food security and job losses. Currently, Brent crude oil prices are trading below $100 per barrel, at $98.35, as investors remain hopeful for a peaceful resolution. The U.S. blockade of the Strait of Hormuz, which began recently, is expected to exacerbate supply chain issues, making it difficult for global supplies of key commodities to return to pre-conflict levels. UK Chancellor Rachel Reeves has called for coordinated economic action to address the instability caused by the Iran crisis, emphasizing the burden placed on families and businesses worldwide.