Washington, March 3 (QNA) - The International Monetary Fund (IMF) stated that the economic impact of the war in the Middle East will depend on its duration and the extent of the damage it inflicts on the region's infrastructure and industries.

During a conference organized by the Milken Institute in Washington Tuesday, Dan Katz, First Deputy Managing Director of the IMF, said that these effects will depend largely on the duration of the energy price increases, whether they are short-term or long-term.

He explained that the conflict has the potential to significantly impact the global economy across a range of indicators, such as inflation and growth.

He added that it is too early to form a firm conviction about the potential impact, noting that the economic effect will be determined by geopolitical developments and the duration of the conflict.

Earlier Tuesday, oil prices continued their rise for the third consecutive day, influenced by increasing concerns about supply disruptions in the Middle East, with Brent crude futures rising by $1.10 per barrel, or 1.4 percent, to reach $78.83 per barrel. (QNA)