Iranian attacks on several vessels passing through the Strait of Hormuz have also dramatically reduced traffic in the narrow channel, through which about 20 percent of global oil and gas supplies transit. As of Monday morning, Brent crude, the industry benchmark, was priced at $106 per barrel, up more than 40 percent from $72 per barrel on February 27. According to a March 9 report by Neil Shearing and his team of economists at the global macroeconomic firm Capital Economics, if the conflict is short-lived and Iranian attacks on the Gulf countries and in the Strait of Hormuz cease, “oil and LNG prices would fall back sharply with the price of Brent crude reaching $65pb [per barrel] by the end of the year. ” “Even if the conflict is contained to three months, we think Brent crude oil prices could rise to an average of $150pb over the next six months or so,” the economists forecasted. “We are seeing resilience tested again by the new ‌conflict ⁠in the Middle East,” Georgieva said on March 9 at a symposium hosted by ⁠Japan’s Ministry of Finance while warning policymakers to be prepared for it. 5 percent y/y (year on year)” in the second half of the year while “economic growth in China is likely to fall below 3 percent y/y (year on year).