Translation. Region: Russian Federation –
Source: United Nations – United Nations –
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March 10, 2026 Peace and security
The United Nations Conference on Trade and Development (UNCTAD) has released a briefing paper, "Shipping Disruption in the Strait of Hormuz: Implications for Global Trade and Development," which examines the impact of disruptions to maritime traffic through one of the world's key trade corridors.
The Strait of Hormuz provides transit for approximately a quarter of the world's seaborne oil shipments, as well as significant volumes of liquefied natural gas and fertilizers, according to the report. The escalating conflict in the region has disrupted these traditional routes, raising concerns among experts about potential dire consequences for energy markets, shipping, and global supply chains.
Energy markets reacted immediately: the price of Brent crude rose above $90 per barrel. At the same time, tanker freight rates and war risk insurance rates are rising, as are marine fuel costs, leading to higher shipping costs throughout the entire supply chain.
About a third of the world's seaborne fertilizer exports—approximately 16 million tons per year—pass through the Strait of Hormuz. This raises concerns about the availability of fertilizer for poor countries, which are already facing supply instability and rising prices.
Developing economies are particularly vulnerable, the report notes. High debt levels and rising borrowing costs limit their ability to withstand further price shocks.
UNCTAD recalls that recent global crises – from the COVID-19 pandemic to the war in Ukraine – have shown how quickly disruptions in the supply of electricity, transport services and agricultural inputs can spread across interconnected markets, fuelling inflation and undermining food security.
The current events in the Strait of Hormuz are yet another reminder of the fragility of global trade and the need to strengthen the resilience of international transport corridors, especially in the face of growing geopolitical tensions, the report's authors conclude.
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