“High geopolitical tensions are a significant near-term risk to activity and inflation, particularly if the conflict in the Middle East were to disrupt energy markets,” the report said. “A widening or escalation of the conflict could disrupt shipping more extensively than presently expected, intensify supply bottlenecks, and push up energy prices if traffic is interrupted in the key routes for the transport of oil and gas from the Middle East to Asia, Europe and the Americas.” Around 15 percent of global maritime trade volume passed through the Red Sea in 2022, according to the OECD. The attacks have sharply raised shipping costs and lengthened delivery times of goods as companies have rer
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