TOKYO – Speaking at a seminar organised by the Japanese Ministry of Finance, Kristalina Georgieva, Managing Director of IMF, said a sustained 10 percent increase in oil prices could push global inflation up by approximately 40 basis points if high prices persist for most of the year.

“We are witnessing a new test of the resilience of the global economy due to the new conflict in the Middle East, and policymakers must prepare for unforeseen scenarios,” she said.

The warning comes as Brent crude futures jumped more than 30 percent to $119.50 a barrel, while West Texas Intermediate (WTI) reached a session high of $119.43, marking the highest levels since 2022. The conflict has now entered its tenth consecutive day, fuelling fears of further energy market disruptions.