According to UNCTAD, 61 net importers of energy and cereals are severely affected by disruptions to shipping through the Strait of Hormuz amid the war in the Middle East.
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Commodity prices jumped on Monday (14), as the conflict in the Middle East affected transportation and distribution channels.
Prices climbed 5% following renewed attacks in the Strait of Hormuz and threats to impose tariffs on goods.
The country was the third-largest buyer of Brazilian chicken meat in April, according to ABPA. Due to the situation in the region, shipments bound for other Gulf nations were routed through Saudi Arabia.
Attacks on the UAE and Bahrain drive up the commodity’s price. Oil rises amid renewed threats to the Strait of Hormuz, while a desalination plant in Kuwait is also targeted in retaliations.
Attacks on oil and natural gas facilities have driven prices higher. UN shipping agency IMO calls for a safe navigation corridor in the Strait of Hormuz.
