She fears that the conflict, even if it were to subside in intensity, has created a new level of uncertainty.
In this new global environment, imagine the unthinkable and prepare for it, says Georgieva.
The statement comes after the world market price of oil surged towards $120 per barrel on Monday, only to ease somewhat.
Oil and gas prices are being affected because shipping through the Strait of Hormuz has been practically halted as a result of the conflict involving Iran. Normally, a fifth of the world's oil and gas is shipped through the Strait of Hormuz.
