New Delhi, April 3 -- The near-total disruption of maritime traffic through the Strait of Hormuz has sent shockwaves across the global economy, threatening trade flows, pushing up energy prices and heightening financial and geopolitical risks, according to a report by the United Nations Conference on Trade and Development (UNCTAD).
The report notes that the Strait, a critical lifeline for global oil and gas supplies, is now "virtually closed," with ship movements witnessing an unprecedented collapse.
Average daily transits dropped sharply from '129' vessels in February to just '6' in March, a staggering 95 percent decline effectively bringing one of the world's busiest energy corridors to a near standstill.
This disruption has emerged as...