SANTIAGO, Chile (CMC)—The Economic Commission for Latin America and the Caribbean (ECLAC) on Friday warned that the average price of oil this year will be higher than in 2025, which means that six channels of impact on the region remain in effect.

In a special report released in Chile, ECLAC examines the channels through which the global economy – and Latin America and the Caribbean in particular – have been affected by the hostilities initiated on February 28, 2026, in and around the Islamic Republic of Iran, and the de facto closure of the Strait of Hormuz.

“The hostilities between the United States and Israel, on the one hand, and the Islamic Republic of Iran, on the other, reveal once again the magnitude of the global economy’s interdependence and the swiftness with which disruptions and shocks are transmitted across countries and regions. There are multiple transmission channels.