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UN Warns Hormuz Standstill Will Hit World’s Most Vulnerable
Shipping through the Strait of Hormuz fell 97% by early March, disrupting global oil and fertilizer supplies and increasing costs for vulnerable economies, the UN said.
- Reporting a standstill, the UN said the Strait of Hormuz's effective closure amid the Iran war is raising food and fertiliser prices that could hit poorer countries.
- UNCTAD found transit through the Strait of Hormuz dropped from an average of 129 ships in February to just three on March 3, with traffic down 29% on March 7, relative to February.
- The World Food Programme said diversions add about 25 days to shipments and higher energy, fertiliser and transport costs may raise food prices, while 16 million tonnes of fertiliser pass through the Strait.
- Rising costs have left developing economies exposed as energy and transport costs climb, pushing up bond yields in Iraq, Bahrain and Jordan since January.
- The UN said disruptions in the strait show vulnerability, comparing supply shocks to the Covid-19 pandemic and Russia's war in Ukraine, exposing Pakistan, Sri Lanka, Kenya, and fertiliser-dependent Australia and New Zealand.
Insights by Ground AI
15 Articles
15 Articles
The consequences of the war in the Middle East are felt all over the world. Several thousand kilometres from the Strait of Ormuz, Asia, the most populous continent in the world and highly dependent on the hydrocarbons transiting through this area, suffers from the blockage of ships. Closure of universities, rationing, deployment of the army to protect oil depots... Radical measures have been taken in some countries such as Vietnam, China or Bang…
Coverage Details
Total News Sources15
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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