Moscow, March. 3 (SANA) Russia’s Special Presidential Representative for Investment and Economic Cooperation with Foreign Countries, Kirill Dmitriev, warned Tuesday that the closure of the Strait of Hormuz amid rising regional tensions could have serious repercussions for global commodity and agricultural markets.
Sputnik reported Dmitriev saying that “significant disruptions are expected in commodity markets due to the closure of the Strait of Hormuz,” noting that a substantial portion of fertilizer components is shipped through the waterway, meaning any disruption could quickly affect global agricultural supply chains and increase price volatility.
About one-fifth of global oil and gas supplies pass through the strait, and any disturbance could trigger new fluctuations in world commodity markets.
Dmitriev added that international supply chains are facing their worst crisis in decades amid ongoing military escalation and continuous strikes between the United States and Israel on one side and Iran on the other since Saturday, effectively disrupting navigation along one of the world’s most important maritime arteries.
M.Q.R
