'Bit of pain' worth long-term security from Iran, Bessent tells BBC
www.bbc.com
US Treasury Secretary said a "small bit of economic pain" was worth it to eliminate the threat of Iranian strikes on Western capitals.

In its World Economic Outlook report, the IMF said in a worst-case scenario oil, gas and food prices spike and remain high this year and next

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    IMF said the most severe conditions that could lead to a worldwide slowdown would include oil prices reaching an average $110 per barrel this year and hitting $125 in 2027.

    Based on these assumptions, the IMF said inflation could reach as much as 6% next year. This could force central banks to increase interest rates to slow the pace of price rises.

    IMF chief economist Pierre-Olivier Gourinchas told the BBC a prolonged conflict would lead to spiralling inflation, push up unemployment and lead to food insecurity in some countries.

    He warned that even if the conflict ended today, the impact on oil supply would be as big as the fallout from the 1970s oil crisis,