New York, March 11 (SANA) – The United Nations Conference on Trade and Development (UNCTAD) warned that disruptions to shipping in the Strait of Hormuz are increasing risks to global energy supplies, fertilizer trade and vulnerable economies.
In an analysis published Tuesday, UNCTAD said the recent disruptions to maritime traffic in the strategic waterway—one of the world’s most critical trade routes—are raising concerns about energy markets, shipping costs and global supply chains.
The report noted that about a quarter of the world’s seaborne oil trade passes through the strait, along with large volumes of liquefied natural gas and fertilizers. Military escalation in the region has disrupted traffic through the narrow passage, intensifying fears of wider economic consequences.
Energy markets reacted quickly, with Brent crude rising above $90 per barrel, while tanker freight rates, war-risk insurance premiums and vessel fuel costs also increased, driving up overall shipping expenses.
UNCTAD added that around one-third of global seaborne fertilizer trade—about 16 million tons—transits through the Strait of Hormuz, raising concerns about supply to some of the world’s poorest countries.
The analysis warned that developing economies are particularly vulnerable, as high debt burdens and rising borrowing costs limit their ability to absorb new price shocks.
UNCTAD noted that previous crises, including the COVID-19 pandemic and the war in Ukraine, demonstrated how disruptions in energy, transport and agricultural inputs can quickly ripple through interconnected global markets.
Tensions in the Strait of Hormuz have intensified amid the ongoing U.S.-Israeli war against Iran and Tehran’s responses, contributing to major disruptions in global energy markets and maritime transport.
