New Delhi, April 2 -- The heads of the International Energy Agency (IEA), International Monetary Fund (IMF), and World Bank Group have agreed to form a coordination group to maximize their institutions' response to the energy and economic impact of the war in the Middle East.

According to a joint statement by the organizations, the decision followed an assessment of the significant disruptions currently affecting global markets.

"The Middle East war has caused major disruptions to lives and livelihoods in the region and triggered one of the largest supply shortages in global energy market history," the statement read.

The institutions observed that the crisis created a ripple effect that extended far beyond the immediate conflict zone....