President of the European Central Bank (ECB) Christine Lagarde delivers her speech at the ECB And Its Watchers conference in Frankfurt, western Germany, on March 25, 2026. The European Central Bank has a "set of options" for dealing with the energy shock unleashed by the Middle East war, its chief Christine Lagarde said on march 25. (Photo by Kirill KUDRYAVTSEV / AFP via Getty Images)

A trainee from the Goma Technical Institute (ITG), supervised in the Empire Technologies workshop, sorts metal wires to select the appropriate sizes for production. This local nail manufacturing unit, created by young Congolese engineers, aims to meet the high demand for construction materials. The wires, made of 95% iron, are then placed on a support to feed a nail-making machine. Goma, March 24, 2026. The local nail manufacturing unit, created by young Congolese engineers, aims to meet the high demand for construction materials in Goma. (Photo by Jospin Mwisha / AFP via Getty Images)

Spain's Prime minister Pedro Sanchez jokes with Spain's deputy Prime Minister and Minister of Budget Maria Jesus Montero (C) and Spain's deputy Prime Minister and Minister of Labor and Social Economy Yolanda Diaz after addressing parliament over the war in the Middle East at the congress in Madrid on March 25, 2026. Spanish Prime Minister Pedro Sanchez warned that the Middle East war presented a "far worse" scenario than the invasion of Iraq in 2003. (Photo by Thomas COEX / AFP via Getty Images)

Spain's Prime minister Pedro Sanchez jokes with Spain's deputy Prime Minister and Minister of Budget Maria Jesus Montero (C) and Spain's deputy Prime Minister and Minister of Labor and Social Economy Yolanda Diaz after addressing parliament over the war in the Middle East at the congress in Madrid on March 25, 2026. Spanish Prime Minister Pedro Sanchez warned that the Middle East war presented a "far worse" scenario than the invasion of Iraq in 2003. (Photo by Thomas COEX / AFP via Getty Images)

Spain's Prime minister Pedro Sanchez jokes with Spain's deputy Prime Minister and Minister of Budget Maria Jesus Montero (C) and Spain's deputy Prime Minister and Minister of Labor and Social Economy Yolanda Diaz after addressing parliament over the war in the Middle East at the congress in Madrid on March 25, 2026. Spanish Prime Minister Pedro Sanchez warned that the Middle East war presented a "far worse" scenario than the invasion of Iraq in 2003. (Photo by Thomas COEX / AFP via Getty Images)

Philippine President Ferdinand Marcos speaks during a press conference at the Malacanang Palace in Manila on March 25, 2026. Marcos earlier declared a state of "national energy emergency" on March 24, citing risks to the domestic fuel supply and energy stability created by the Middle East war. (Photo by Ezra Acayan / POOL / AFP via Getty Images)

Philippine President Ferdinand Marcos arrives for a press conference at the Malacanang Palace in Manila on March 25, 2026. Marcos earlier declared a state of "national energy emergency" on March 24, citing risks to the domestic fuel supply and energy stability created by the Middle East war. (Photo by Ezra Acayan / POOL / AFP via Getty Images)

Philippine President Ferdinand Marcos (L) leaves after speaking at a press conference at the Malacanang Palace in Manila on March 25, 2026. Marcos earlier declared a state of "national energy emergency" on March 24, citing risks to the domestic fuel supply and energy stability created by the Middle East war. (Photo by Ezra Acayan / POOL / AFP via Getty Images)