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The recent disruptions to shipping traffic in the Strait of Hormuz have significant implications for global trade, as an analysis by the UN Conference on Trade and Development (UNCTAD) shows. This passage is a central corridor for international trade, through which about a quarter of the world’s seaborne oil trade, as well as large quantities of liquefied natural gas and fertilizers, are transported.
The hostilities in the region have led to interruptions in shipping traffic, raising concerns about the potential impacts on energy markets, maritime transport, and global supply chains, according to UNCTAD. According to the analysis, energy markets reacted immediately to the disruptions: the price of Brent crude oil rose to over 90 US dollars per barrel. Freight rates for oil tankers and premiums for war risk insurance have also surged. The costs of ship fuel have increased as well.
Impacts on fertilizers
A particularly concerning aspect is the impact on the fertilizer trade. About one-third of the world’s seaborne fertilizer trade, amounting to approximately 16 million tons, passes through the Strait of Hormuz, according to the analysis. This raises questions regarding access to fertilizers for countries that rely on these imports.
