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Conversely, a boom in artificial intelligence technology has mitigated the negative economic impacts of the conflict for certain nations.
Tech-exporting countries like South Korea saw gross domestic product expand by 7.5 percent on an annualized basis in the first quarter, heavily outperforming previous expectations.
The international organization also notes that the ongoing energy transition and renewable energy investments have made businesses and citizens less vulnerable to sudden oil supply shocks.
However, countries have been drawing heavily on strategic oil reserves to meet demand.
The leadership structure of the institution is currently undergoing a transition during this period of economic disruption.
Former chief economist Pierre-Olivier Gourinchas departed for the University of California earlier this month and will be succeeded in August by Silvana Tenreyro, a professor from the London School of Economics.
"De mogelijkheid van hervatting van het conflict in het Midden-Oosten is aanzienlijk," states the IMF report distributed to journalists before the latest surge in violence.
National strategic reserves have dropped to their lowest levels in years due to the protracted geopolitical strain.
"We gebruiken onze strategische voorraden elke dag om tegemoet te komen aan de vraag.
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Het aanbod van olie wordt steeds krapper," said Fatih Birol, Director of the International Energy Agency, in an interview with NRC in early June.
