The IMF and The World Bank has warned of an impending global crisis

In a joint statement, the heads of the International Energy Agency, the IMF, the World Bank and the WTO warned that a record decline in world oil reserves due to shipping disruptions in The Strait of Hormuz threatens fuel safety ahead of the summer peak in demand.

"At the same time, world oil reserves are declining at a record pace in response to a major loss of supplies through the Strait of Hormuz. If shipping flows do not return to normal, the continued rapid depletion of world oil reserves on the eve of peak summer demand in the Northern Hemisphere will create growing risks for fuel safety, market conditions and the sustainability of the economy as a whole," the joint statement said.

US President Donald Trump said earlier on Friday that he would make a final decision on the situation with Iran in the near future during an intelligence briefing. He also said that the countries have not yet agreed on the issues of the atom and the opening of the Strait of Hormuz, the remaining issues have been resolved.

The escalation around Iran has led to the de facto blocking of the Strait of Hormuz, a key supply route to the world market for oil and liquefied natural gas from the Persian Gulf countries, and has also affected the level of oil exports and production in the region. Against the background of the blocking of the strait in most countries of the world, there is an increase in prices for fuel and industrial products.