IMF Warns Iran War Will Slow Global Growth, Raise Inflation, And Worsen Food Insecurity

Submitted by OilPrice.com

Severe fuel shortages, hunger, and spiralling inflation will be some of the consequences of the Iran war as the head of the International Monetary Fund said that it would leave “scarring effects” on the global economy.  

In a speech by Kristalina Georgieva, the IMF’s managing director, global policymakers were warned that trade disruption across the Middle East over the last month would lead to lower growth and higher inflation.

IMF Başkanı Kristalina Georgieva, İran savaşının küresel ekonomik büyümeyi yavaşlatacağı konusunda uyarıda bulundu. pic.twitter.com/KJjRWlQvYl

— Voice Of Middle East (@VOME_TR) April 10, 2026

The impact of the war was also predicted to be uneven between different countries depending on levels of energy imports and their proximity to the war, according to the world’s foremost economic organisation.

Georgieva’s address on Thursday morning underlined the consequences of what one month of the US and Israel’s war with Iran, and the subsequent hold-up in trading flows across the Strait of Hormuz, would mean for the world economy. 

She warned that the most severe fuel disruptions will come for islands in the Pacific Ocean, with the ripple effects then spreading around the world. 

She also said that 45 million more people would suffer from food insecurity, while there were “warning lights flashing red” for fuel shortages in several countries. 

Inflation expectations could also “break anchor and ignite a costly inflation process”, though Georgieva said long-run confidence in price growth among households and businesses presented “very good and very important” readings. 

IMF: Fuel shortages to lead to ‘ripple effects’

The IMF chief added that infrastructure damage, particularly at Qatar’s Ras Laffan gas complex that is critical for energy supplies in Asia, would lead to “no neat and clean return to the status quo”. 

The IMF will update its economic forecasts next week, which will feature specific changes on the outlook for the UK economy. 

Georgieva asserted that the world economy would suffer from lower growth and warned decision-makers “not to make things worse”. 

“I appeal to all countries to reject go-it-alone actions—export controls, price controls, and so on—that can further upset global conditions,” she said. 

“Don’t pour gasoline on the fire.”

The IMF’s forecast revisions next week will be the second major update on the global economic outlook after the OECD, a Paris-based think tank, said the UK economy would be harder hit than any other G7 country by the war. 

It suggested the UK would suffer the second-lowest level of growth this year and the second-highest level of inflation after the US. 

There are renewed hopes that the Strait of Hormuz could reopen and allow trade and production to resume, but economists and policymakers have warned that the full reopening will take weeks, given the risk of further escalation and the wobbly terms of the current ceasefire agreement.

President Trump and Iranian leadership officials have floated the prospect of imposing a toll on ships passing through the critical trading route. Foreign Secretary Yvette Cooper has urged the US administration to resist slapping a tax on ships passing through the Strait of Hormuz. 

The UK economy is also predicted to suffer the worst impacts of the war later in the year after the energy price shock from higher oil and gas prices passes through into household bills from July.

Tyler Durden Sat, 04/11/2026 - 10:30

Mamdani's First 100 Days Aren't Getting High Marks From Voters

Zohran Mamdani rode a wave of progressive enthusiasm and sweeping promises to become the Mayor of New York City.

Now, as he closes in on his first hundred days in office, he’s learning that governing is a lot harder than campaigning, and a new poll suggests New Yorkers are starting to be skeptical about what they voted for.

Some of Mamdani’s campaign promises won’t be fulfilled because Gov. Kathy Hochul is refusing to subsidize them. Earlier this year, snow and trash removal problems became major issues, as residents were forced to endure eight-foot-high piles of garbage on the street and rat infestations, all while the area around Gracie Mansion was kept perfectly clean. The brutal winter also resulted in a cold-related death toll of 29. These kinds of crises test political leaders quickly, and he failed.

Then came Monday, when Mamdani held a public event to congratulate himself for New York City filing its 100,000th pothole since he took office in January.

The reaction was swift and unkind. 

"Taking credit for filling potholes is like taking credit for changing a lightbulb. It's what you're supposed to do," scoffed Councilman Frank Morano (R-Staten Island) told The New York Post. 

A Marist College survey released Wednesday puts Madani’s approval rating at 48% — a number that tells an incomplete story, but not a flattering one. 

Mamdani won his election in November with just over 50% of the vote, with Andrew Cuomo coming in second at 41.6% and Curtis Sliwa at 7%.

Clearly, Mamdani is struggling to convince even progressive voters who didn’t vote for him that he’s doing a good job.

But the numbers are even more devastating when you add more context.

Former New York City Mayor Eric Adams had a 61% approval rating at the same point in his term, proving that Mamdani is having a harder time convincing New Yorkers he’s doing a good job than his predecessor did.

The Marist poll, conducted March 26-31 among 1,454 New York City adults with a margin of error of plus or minus 3.3 percentage points, reveals a city that remains skeptical but is still forming its verdict. While 30% disapprove of Mamdani's performance. 23% remain undecided — a number that Marist polling director Lee Miringoff flagged as a meaningful vulnerability. "There are a lot of people still on the fence. The jury is out," Miringoff told The New York Post.

The sharpest drag on Mamdani's numbers comes from a specific and politically significant corner of the electorate: Jewish voters. Only 38% of Jewish residents view Mamdani favorably, while 55% view him unfavorably, putting him underwater with Jewish New Yorkers by 17 points. They are the only religious group in the poll giving him a net-negative rating. 

Miringoff noted Mamdani's continued unpopularity in this community directly.

"Mamdani is going to have to pass the test of time with the Jewish community," he said.

"Jews are the voters least likely religious group to give Mamdani the benefit of the doubt."

It’s easy to understand why.

Mamdani has accused Israelis of genocide in Gaza, publicly backed the BDS movement, and aligned himself with left-wing activists — including Hasan Piker — whom many Jewish voters view as antisemitic. Mamdani’s wife has also come under fire for liking posts on social media celebrating the October 7 attacks in Israel.

Still, the broader portrait from the Marist poll is complicated.

Despite having an approval rating below 50%, the poll found 55% of registered voters hold a favorable view of the mayor, and 60% believe he's fulfilling his campaign promises. Fifty-six percent say the city is moving in the right direction, and 52% think he's changing New York for the better. Nearly 75% say he works hard. These are not the numbers of a mayor in collapse. They are, however, the numbers of a mayor who hasn't yet closed the sale.

When asked about the poll at a Brooklyn press conference, Mamdani deflected with characteristic self-assurance.

"You know, I will always leave the grades to New Yorkers themselves," he said.

"What I will say is that we are coming to the end of a hundred days in office, and we have sought to make this period one where we provide New Yorkers with a glimpse as to what these next four years will look like."

 

Tyler Durden Sat, 04/11/2026 - 09:55

Novorossiysk Restarts Oil Loadings At Reduced Capacity After Drone Strike

By Julianne Geiger of OilPrice

Russia has restarted limited oil loadings at its Black Sea port of Novorossiysk after a drone attack earlier this week forced a full suspension.

Operations at the Sheskharis terminal resumed late Thursday, but only one berth is currently active. A single cargo of roughly 80,000 tons is expected to depart, well below the terminal's normal capacity of about 700,000 barrels per day.

The restart comes after the Monday strike that caused fires at a fuel terminal and damaged loading infrastructure. Shipments were halted entirely. The loading schedule had since been cut, and there is no timeline for a full return to operations.

Fuel flows are also only partially back. Fuel oil loadings resumed Thursday, and at least one diesel cargo has been shipped since the attack, according to Reuters sources familiar with port activity. Novorossiysk is one of Russia's main export outlets on the Black Sea and a critical node for both Russian and Kazakh crude. The port handles shipments tied to the Caspian Pipeline Consortium system, which moves crude from major Kazakhstan fields including Tengiz and Kashagan.

Damage to infrastructure earlier this week included impacts to storage tanks and loading equipment linked to CPC operations. Kazakhstan has said its export flows remain stable, but it's now operating with reduced flexibility.

Russian export infrastructure, including Baltic ports like Primorsk and Ust-Luga and several inland refineries, have repeatedly found themselves the target of Ukrainian drone attacks.

Each hit has tightened operational capacity rather than shutting it down completely. Cargoes are still moving, but at reduced rates and with fewer loading options available.

Novorossiysk's partial restart restores some export flow, but capacity remains constrained.

Tyler Durden Sat, 04/11/2026 - 09:20

Metal Shock: Gulf's Largest Aluminum Producer Declares Force Majeure

A little more than a week after Emirates Global Aluminum (EGA), the Gulf's largest aluminum producer, halted operations at its Al Taweelah smelter following Iranian missile and drone strikes, EGA has now declared force majeure on parts of its contract book, signaling that supply chain disruptions are spreading beyond energy markets and into industrial metals.

Bloomberg obtained new documents showing that EGA invoked force majeure clauses to suspend at least some deliveries after Iranian drone and missile strikes damaged the Taweelah smelter and forced it to shut down operations.

EGA is jointly owned by Mubadala Investment Company of Abu Dhabi and the Investment Corporation of Dubai, and it reported 2.83 million tons of cast metal sales in 2025, indicating on its website that it accounted for 4% of the world's aluminum production. The broader Middle East accounts for about 9% of global aluminum supply.

The EGA outage adds to mounting pressure on the global aluminum market, which was already strained by the closure of the Strait of Hormuz for six weeks, and still, as of this weekend, muted traffic flows through the critical waterway. Producers across the region now risk broader production cuts unless the maritime chokepoint fully reopens with no tolls. 

Aluminum futures on the London Metal Exchange have surged since the strikes, with LME Aluminum trading up 50% from a year ago. The force majeure from EGA, as well as continued Hormuz chokepoint disruptions, signals tighter global supplies that may send prices even higher.

Earlier this month, Goldman commodity specialist James McGeoch told clients, "Hard to think of a bigger metal supply shock: High degree of expectation this was where it was heading, but the initial reaction was to fade the uncertainty yesterday, that should be replaced by fresh length if history is a guide."

Tyler Durden Sat, 04/11/2026 - 08:45

Visualizing America's Slide In 'Happiness Rankings' Since 2011

The United States has steadily slipped in the global happiness rankings over the past decade.

While it still ranks among the top 25 in the latest World Happiness Report, the U.S. is no longer close to the leading group of Nordic countries that consistently dominate the top spots.

This visualization, via Visual Capitalist's Niccolo Conte, tracks the U.S. happiness ranking from 2011 to 2025, based on data from the World Happiness Report 2026.

Each annual ranking is based on a three-year average of life evaluation survey responses rather than a single year. For example, the 2025 ranking reflects responses from 2023–2025.

The U.S. Has Fallen Outside the Top 20 Happiest Countries

The United States has not always ranked outside the top 20 happiest countries.

It placed 11th in 2011, then generally ranked between 13th and 17th through 2016.

From there, its position weakened, landing at 18th or 19th in four consecutive years from 2017 to 2020.

The decline accelerated more recently.

The U.S. dropped eight spots to 23rd in 2023, reached a low of 24th in 2024, and edged back to 23rd in 2025.

Overall, the country now ranks more than a dozen places lower than it did in 2011.

Reasons Behind the Decline in America’s Happiness

The sharp drop in 2023 reflects more than a single-year change.

Because rankings are based on three-year averages, the 2023 result captures responses from 2021 to 2023—a period shaped by the post-pandemic aftermath, rising inflation, and growing cost of living pressures.

Recent editions of the report point to several contributing factors. The World Happiness Report 2024 found that declining wellbeing among Americans under 30 played a major role. The 2025 report highlighted weakening social connection, noting that just over a quarter of U.S. adults reported eating all of their meals alone in 2023—up more than 50% since 2003. Separate analysis also links lower happiness to declining social trust.

The 2026 report adds another possible factor, suggesting that heavy smartphone-based social media use may be contributing to weaker adolescent wellbeing across English-speaking countries and Western Europe.

Taken together, the U.S. decline appears tied to weaker social ties, lower trust, and a sharper deterioration in wellbeing among younger Americans.

If you enjoyed today’s post, check out Ranked: The World’s Happiest Countries Over Time (2019–2024) on Voronoi.

Tyler Durden Sat, 04/11/2026 - 07:35

Who's Afraid Of Emmanuel Macron?

Authored by J.B.Shurk via AmericanThinker.com,

French President Emmanuel Macron is doing that peculiar French thing again…acting tough while looking weak.  

He gave a speech last Friday at Yonsei University in Seoul during which he demanded that nations not become “vassals” of China or the United States.  Macron wants South Korea to join Canada, Australia, and the European Union in forming what he calls a “coalition of independence” (because “coalition of the willing” was taken) united by shared love for “international order,” “democracy,” and wasting money on “climate change.”

What a tool.  I understand that “the powers that be” have so successfully co-opted the West’s political systems that they regularly install absolute nincompoops as nominal leaders (Biden, Starmer, Carney, Merz, and European Queen Ursula, just to name a few) and call it “democracy,” but Macron is such a doofus that his “leadership” is laughable.  

Remember when the little Rothschild banker came to power a few months after President Trump had taken office and he couldn’t stop talking about standing up to “bullies”?  After putting on some high-heeled loafers and taking some lessons on masculinity from his former-schoolteacher-turned-much-older-wife, Macron insisted on turning a handshake with Trump into a death grip meant to showcase French power.  In that effete style of speech that Gaulish-Roman aristocrats enjoy — in which words sound as if they’re dropping from lips suckling grapes and licking honey — le petit fromage told the world that his fierce handshake and determined stare were the perfect weapons for countering President Trump.  Trump just laughed and patted the little French boy on the shoulder as one does to help the weak feel strong.

Fast-forward a decade, and Macron hasn’t learned a thing about being tough.  He still prances around the world like a eunuch looking for long-lost cojones.  He says he wants countries to resist the “hegemonic powers” of China and the United States by clinging to the rules-based “international order.”  Okay.  Good luck, tiny dancer.  

What’s left of the international order without the two most powerful nations on the planet?  The United States has assumed the responsibilities of the globe’s police chief since WWII.  Through its naval fleet, it ensures the security of maritime trade.  Through its economic clout, it ensures the stability of the international financial system.  Through its military might, it decides which dictators get black-bagged in the middle of the night.  As China continues its geopolitical ascent, its tentacles have stretched further into international organizations such as the United Nations’ World Health Organization and across continents with its Belt and Road Initiative.  Mark Carney has spent his time as Canada’s prime minister practically groveling at the feet of China’s Xi Jinping and begging the communist dictator to save his wintry vassal state from the bad orange man down south.

France, on the other hand, continues to be ejected from former African colonies whose peoples have grown tired of French meddling.  The French military excels only at surrendering.  And France remains distinct from Germany only because of the United States.  When little Macron insists on restoring a French-led “international order,” he sounds a lot like little Napoleon, who insisted on being called “emperor” while imprisoned on Saint Helena.

As for urging all who hear his grating voice to unite in defense of “democracy,” that’s a lark!  Europe is where “democracy” goes to die.  Every time non-Establishment political parties win the most votes in former nations (now just multicultural zones of Islamic conquest within the federation of European nothingness) such as France, Germany, and the Netherlands, “the powers that be” proudly block the winners from exercising any power.  

Europe’s political class shamelessly calls this the “firewall” against “far-right” political parties.  Of course, if you believe that nations should have borders and that government powers should be limited, you are designated “far-right.”  Just as Democrats bastardize language in the United States by calling everyone who cares about the Bill of Rights a “fascist,” the European Establishment labels anyone who believes in self-determination and personal liberty a “Nazi sympathizer.”  Then they prosecute the members of those fake “far-right” parties for expressing opinions out loud.  

That’s right!  Europe’s little gang of dimwitted yet dangerous dictators — Macron, Starmer, Merz, and the ruling queen — insist on locking up the “fascists” for their speech in the name of “democracy”!  When the “firewall” fails — as it did in Romania a little over a year ago — the European oligarchy simply cancels the election and insists on a rigged do-over (or outright overthrows the government as it did, with the help of the U.S. State Department and CIA, in Ukraine in 2014).  

When little European tyrants such as Macron stand on footstools, puff out their chests, and shriek about “democracy,” they have no intention of supporting the decisions of the people.  What they mean is, let’s form a European Commission of aristocrats, have them choose a ruling monarch, and call that a “democratic” election.  That’s how the nations of Europe lost their sovereignty and why the people of Europe must now bow down to unelected Queen Ursula von der Leyen.  

Even if mini-mouse Macron’s calls for “international order” and “democracy” fail to rally a sufficient posse of vassal states willing to take on the United States and China, he’ll surely find ready volunteers who want to keep shooting their economies in the gonads over “climate change,” right?  Who doesn’t want to continue wasting taxpayer dollars on fighting the weather?  While Russia, China, and the United States continue spending more on their militaries than ever before, the soft-headed “leaders” of Europe have been pretending to wage war against nature.  “Tilting at windmills” was one of Cervantes’s best jokes in Don Quixote.  The Europeans — having jettisoned their civilization for that of their Islamic invaders — no longer understand why pretending to fight imaginary monsters is funny!

For decades, Europe’s quixotic “leaders” have spent their military budgets on wind and solar energy.  In the name of “fighting climate change,” Europe’s brilliant tacticians severely limited hydrocarbon exploration, extraction, and processing.  Germany ignored scientific reason after the Fukushima nuclear accident in Japan and rid itself almost entirely of nuclear energy.  First, Europe’s braintrust made the sub-continent dependent upon the Russian Federation for energy.  Then, that same gaggle of Mensa geniuses sanctioned Russian energy in the name of Ukrainian “democracy.”  Now Europe is largely dependent on the United States, Russia, and the Middle East for energy.  Europe’s producers must spend more to make things.  Europe’s consumers must pay more to buy things.  Europe’s middle class keeps getting poorer.  How many times can Europe’s moronic “leaders” cripple their economies before Europe’s peoples raid the museums for functioning guillotines? 

If little-bitty Macron doesn’t want France to be a “vassal” of China or the United States, he should strive to deregulate his nation, protect private property, incentivize innovation, grow the economy, and encourage self-sufficiency.  Instead, France and the rest of Europe embrace bureaucratic rule-making, collective ownership, expansive welfare, centralized economic planning, and dependency upon U.S. military muscle.  If you spend your country’s wealth on fighting bad weather and providing Islamic invaders “free” food and housing, don’t complain when China and the United States refuse to take you seriously.  

To be fair to Europe’s retarded governing class, we’re fighting similar idiotic policies being promoted by the fifth-column Democrat Party in America, too.  

The difference is that Americans are actively trying to right the ship, and, as President Trump continues to demonstrate, our military can still blow things up.  

Reality is not kind to those who prefer handouts and fantasy to handwork and preparation.  Because Europe’s “leaders” have hollowed out their economies and militaries for decades, they are in no position to influence the future.  They will take what they get and be grateful…as all desperate vassals must.

Tyler Durden Sat, 04/11/2026 - 07:00