Australian Treasury Secretary Jim Chalmers warned on the 28th that the economic risks brought about by the ongoing war in the Middle East are increasing. Chalmers released a briefing from the Australian Treasury Department on the same day. The briefing pointed out that the war in the Middle East triggered an impact on oil supply. Currently, the world's “buffer space is shrinking” to deal with this shock. The impact on oil prices triggered in the early days of the Middle East war was mitigated by market adjustments, including adjustments in oil export routes and the release of oil stocks by various countries. However, global oil reserves have now been depleted, and the market's ability to cope with further supply shocks has declined. “The recent escalation of tension in the Middle East poses a major threat to global inflation. There is still great uncertainty about the costs and impact of this conflict and its continuation.” Chalmers said.

Australian Treasury Secretary Jim Chalmers warned on the 28th that the economic risks brought about by the ongoing war in the Middle East are increasing. Chalmers released a briefing from the Australian Treasury Department on the same day. The briefing pointed out that the war in the Middle East triggered an impact on oil supply. Currently, the world's “buffer space is shrinking” to deal with this shock. The impact on oil prices triggered in the early days of the Middle East war was mitigated by market adjustments, including adjustments in oil export routes and the release of oil stocks by various countries. However, global oil reserves have now been depleted, and the market's ability to cope with further supply shocks has declined. “The recent escalation of tension in the Middle East poses a major threat to global inflation. There is still great uncertainty about the costs and impact of this conflict and its continuation.” Chalmers said.