India, June 3 -- High crude and fuel prices threaten least developed countries and small island states.

A 50% oil price rise could add $20.4 billion to their annual import bills.

This will strain public finances, fuel inflation, widen current account deficits and deepen poverty for nearly a billion vulnerable people worldwide.

Disruptions in the Strait of Hormuz following military escalation in the Middle East have sharply increased global oil and fuel prices, threatening to deepen economic vulnerabilities across least developed countries (LDC) and small island developing states (SIDS), according to a new report released by the United Nations Conference on Trade and Development (UNCTAD).

The report, Strait of Hormuz Disruptions: The b...