The Closure of the Strait of Hormuz Would Impact Global Energy and Food Markets
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Author : Bozhou Marine
Update time : 2026-03-11 14:16:44
On March 10th, local time, UN Secretary-General's spokesperson, Stéphane Dujarric, cited a recent report from the United Nations Conference on Trade and Development (UNCTAD), stating that the closure of the Strait of Hormuz would impact global energy and food markets.
The latest UNCTAD report, released on March 10th, analyzed the economic impact of a potential closure of the Strait of Hormuz, noting that it would pose a significant risk to global trade and development. The report shows that recent regional tensions have already affected energy transportation, causing global oil prices to rise, and ship traffic through the Strait of Hormuz has declined significantly, nearing a standstill.
The Strait of Hormuz is one of the world's key maritime passages.
According to UNCTAD data, ship traffic through the Strait of Hormuz has decreased by 97% since February 28th.
The UNCTAD report warns that rising energy, fertilizer, and transportation costs could drive up food prices and exacerbate global cost-of-living pressures, particularly impacting the most vulnerable populations worldwide. The report emphasizes that the ultimate impact of this event on the global economy will depend on the duration and intensity of the disruptions.
Latest data released by China's General Administration of Customs on November 7 showed that in the first 10 months of this year, China's goods trade maintained a steady growth trend, with total import and export values increasing by 3.6% year-on-year.
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