DBS Group senior economist Chua Han Teng stated in a report that prolonged conflict in the Middle East could trigger a global energy price shock, which may have a greater impact on boosting Singapore's inflation than on harming its economic growth. Due to rising global energy prices and supply chain disruptions caused by the conflict, consumer-facing and export-oriented businesses are facing increased costs for electricity, transport fuels, and shipping. Chua noted that escalating geopolitical tensions heighten the risk of further disruptions, which could dampen growth in manufacturing and trade. DBS Group estimates that approximately 7% of Singapore's overall Consumer Price Index basket is vulnerable to the effects of rising energy prices.