The Middle East war could weigh heavily on already slowing global trade, the World Trade Organisation (WTO) warns, saying merchandise trade volume growth could be as low as 1.4 per cent this year, compared to 4.6pc in 2025.

“Sustained increases in energy prices could increase risks for global trade, with potential spillovers for food security and cost pressures on consumers and businesses,” (WTO) chief Ngozi Okonjo-Iweala warns in a statement.