BAKU, Azerbaijan, June 30. Disruptions to shipping through the Strait of Hormuz could have long-term consequences for vulnerable economies despite the reopening of the strategic waterway, the United Nations Conference on Trade and Development (UNCTAD) has warned.
In a new report, the UN trade agency said the resumption of navigation through the Strait of Hormuz is expected to provide immediate relief to global energy markets.
However, it cautioned that vulnerable economies may continue to face prolonged increases in food and fuel prices.
According to the report, food supply chains and transport systems are likely to recover more slowly than energy markets because they require additional time to restore normal operations after more than 100 days of severe disruption to maritime shipping.
The Strait of Hormuz, which normally carries around one-fifth of the world's oil and gas supplies, was heavily disrupted during the conflict that followed the joint US-Israeli military strikes on Iran in late February.
