Simsek referred to the fragile bilateral cessation of hostilities agreed upon for two weeks and stressed that the world economy is already suffering its strongest shock since World War II.

If this shock is prolonged and the truce is violated, the prices of oil, natural gas, and raw materials will rise again, Simsek stated in an interview with the media outlet.

The official warned that this scenario would lead to a lower rate of economic growth, increased inflation, and the consequent danger of a global recession.

However, the minister expressed his hope that the pause in fighting will hold and culminate in a definitive peace agreement, which would shift global economic expectations in a positive direction.

Analysts consulted by Turkish media agreed that the ceasefire declared on April 7 by US President Donald Trump faces significant challenges, given the historical mutual distrust.

Geopolitical experts noted that Pakistan, the mediating country, is attempting to facilitate the direct talks scheduled for April 10 amidst high volatility in energy markets.

The opening of the strategic Strait of Hormuz, key for crude oil transit, is one of the central points of the negotiations, along with the cessation of so-called Iranian “defensive actions.”

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