The island’s chief minister has called an extraordinary meeting with senior ministers and officials to assess the potential impact of the escalating conflict in the Middle East.

Alfred Cannan MHK will convene a meeting of the Economic National Strategy Board this afternoon (Tuesday, March 10) to discuss the emerging economic and social implications for the Isle of Man.

The move comes as tensions in the region continue to escalate.

It has now been 11 days since the United States and Israel began strikes in Iran, triggering a wider conflict across the Middle East.

It began with the 2023 attack by Hamas on Israel, which triggered a major war in Gaza as Israel launched a military campaign to destroy Hamas and rescue hostages.

The situation has since widened into a regional crisis, with Iran, Israel, and the United States exchanging attacks and missile strikes, increasing instability across the region.

The developing situation has already led to disruption in global supply chains, with crude oil prices rising above 114 dollars per barrel today for the first time since 2022.

During today’s meeting, the board is expected to consider potential inflationary pressures, including the impact of rising energy prices, and the possible knock-on effects for the island’s wider economy.

Ministers will also discuss the resilience of the Isle of Man’s food and medicine supply chains, as well as the work being carried out by the Foreign, Commonwealth and Development Office to support Manx citizens who may be affected while overseas.

Mr Cannan said the government is closely monitoring developments as the situation continues to evolve.

He said: ‘The Government continues to monitor the rapidly evolving situation in the Middle East and our thoughts are with all those caught up in this conflict.

‘I want to reassure communities across the island that we are assessing all areas that might be impacted closer to home as the situation evolves, preparing for any potential impact in our economy, across key supply chains, on our society and on Government.’

The chief minister added that further dedicated meetings will take place if required, with the government issuing updates as appropriate.