UN concerned closure of Strait of Hormuz could increase food costs

The United Nations Conference on Trade and Development (UNCTAD) has shared a report that raises concerns about the potential closure of the Strait of Hormuz. This situation could lead to higher food prices and make life more expensive for many people. The report, released on Tuesday, states that rising costs for energy, fertilizers, and transportation could push up food prices, especially affecting those in vulnerable situations. UNCTAD noted that 38 percent of the world's crude oil passes through this strait, along with 29 percent of liquefied petroleum gas (LPG) and 19 percent of liquefied natural gas (LNG). Additionally, one-third of all fertilizers transported by ship globally also go through the Strait. The report highlights that Asia could feel the biggest impact, as it receives 84 percent of the goods shipped through this vital waterway.