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UNCTAD: Ongoing conflicts in the Strait of Hormuz region exacerbate food security risks
On the 30th local time, the United Nations Conference on Trade and Development warned that because the Strait of Hormuz is located in the heart of the global fertilizer supply chain, ongoing conflict is disrupting the flow of global energy and fertilizers, posing growing risks to food systems, global trade, and vulnerable economies. UNCTAD emphasized that transit volumes through the Strait of Hormuz have dropped by more than 95%, leading to disruptions in the transport of energy and fertilizer. Oil and natural gas prices have risen sharply across regions, and further increases in energy, fertilizer, and transportation costs are adding to the pressure on food production, supply, and prices. (CCTV News)