New Delhi, March 10 -- The disruptions in the Strait of Hormuz underscore the vulnerability of critical maritime chokepoints to geopolitical tensions and their potential to transmit shocks across supply chains and commodity markets, said the UN Trade and Development (UNCTAD) report released on Tuesday.
The report noted that ongoing military escalations in the region had disrupted shipping flow through this narrow passage which have resulted in ripple effects far beyond the region, affecting energy markets, maritime exports and global supply chains.
"Oil markets have reacted quickly with the Brent Crude crisis now rising above USD 90 per barrel. Higher energy, fertiliser and transport costs including freight rates, bunker fuel crisis and i...