The chief minister says it's important Isle of Man residents understand the future potential economic impacts as the conflict in the Middle East continues into its 11th day.

This afternoon, Alfred Cannan will meet with senior ministers and officials to assess the potential inflationary pressures including increases in energy prices, as well as the potential impact on the economy more generally.

Speaking on Manx Radio Breakfast this morning, he says future fuel prices are expected to increase significantly and there are also other shortages which may have an impact.