New Delhi, June 3 -- Disruptions in the Strait of Hormuz are sending shockwaves through the global energy system and may affect about one billion people living in vulnerable economies, said a United Nations Conference on Trade and Development (UNCTAD) report released here on Wednesday.
Vulnerable economies refer to nations or regions highly susceptible to external shocks such as natural disasters, fluctuating commodity prices and global market shifts which can severely disrupt their development.
The report noted that out of seventy-five economies, the least developed countries (LDCs) and small island developing countries (SIDS)-65 depend on imported oil.
For these nations, rising energy prices will translate into higher costs and difficu...