How the Hormuz crisis keeps disrupting kitchens, ports and paychecks

Key points

• The fallout is being felt far beyond the Middle East, with UN agencies warning that rising fuel prices, disrupted shipping routes and growing financial uncertainty are placing mounting pressure on economies, labour markets and vulnerable households across Asia and other developing regions.
• Before the latest tensions, the Strait of Hormuz handled roughly one-fifth of global oil supplies – around 20 million barrels a day – alongside vast quantities of liquefied natural gas (LNG) and raw materials for critical industries, making it one of the world’s most important maritime chokepoints.
• Ship traffic over the past week fluctuated between just two and 16 vessels per day – far below the more than 100 ships that typically transited daily before the crisis.
• © NASA/GSFC/Jacques Descloitres Global growth and trade stalling The sharp decline has pushed oil and gas prices higher, disrupted supply chains and increased transport and insurance costs worldwide, with markets reacting...