UN warns of higher food prices, cost-of-living if Strait of Hormuz shuts

UNITED NATIONS: (Mar 11) The United Nations has warned of significant risks to global trade and development, including higher food prices and cost-of-living, if the Strait of Hormuz is closed amid the West Asia conflict.

The UN Conference on Trade and Development (UNCTAD) said in a report Tuesday that the ongoing military escalation in the region due to the US-Israeli strikes on Iran and retaliation by Tehran has disrupted shipping flows through the Strait of Hormuz, one of the world’s most critical maritime chokepoints.

The narrow passage carries around a quarter of global seaborne oil trade and significant volumes of liquefied natural gas and fertilisers.