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Amir Saeid Iravani, Permanent Representative of Iran to the United Nations, addresses the Security Council high-level debate on the safety of global waterways, amid growing concerns over threats to shipping and freedom of navigation, held on April 27, 2026. Credit: UN Photo/Mark Garten

By Maximilian Malawista
UNITED NATIONS, Jul 23 2026 (IPS)

Prior to the latest round of hostilities between the United States and Iran, freight traffic had been increasing in the Strait of Hormuz, and negotiations were underway for a new agreement to fully restore trade through this channel.

According to UN Trade and Development (UNCTAD), energy markets were likely to bounce back to normal pre-conflict levels faster than that of food, public finance, and transport, leaving many vulnerable economies worse off. UNCTAD research shows a change from about 125 daily ship transits through the Strait of Hormuz in 2026, January 1st through February 27th, to a drop of around 10 daily transits from February 28th through June 14th during the conflict, marking a 92 percent decrease in overall transit ability.

According to UNCTAD and the Strait of Hormuz monitor, levels on June 2nd recorded around 40 ship transits, with an average of 60 through the days after signing the MOU (The Memorandum of Understanding signed by both US and Iranian delegations). This represents roughly half of pre-conflict transit levels.

Source: Author’s visualizations using data from Strait of Hormuz Trade Tracker (WTO)
Note: Daily outbound shipments represent AIS-traceable crude oil tanker departures from the Strait of Hormuz to destinations outside the Persian Gulf. Additionally, this graph is roughly similar to overall shipments of LNG, fertilizer, and Agricultural products through the same period.

Following the closure of the Strait, the daily price of crude oil jumped to USD 120 per barrel, then averaged around USD 100 per barrel throughout the conflict. The daily price of crude oil fell to USD 70 per barrel upon the signing of the MOU, roughly returning to pre-conflict levels. However, following the latest escalations and the breaking of the MOU, crude prices have risen again to approximately USD 100, indicating that agreements to cease conflicts can quickly bring prices down significantly, if agreed to once more.

On the contrary, the IGC Grains and Oilseeds Freight index (GOFI), indicates a slow decrease of the heightened costs of transporting both grains and oilseeds by sea (e.g., Wheat, Corn, Barley, Sorghum, Soybeans, Rapeseed (canola), Sunflower seed), across 68 key exporting origins in the regions of the United States, The European Union, Canada, the Black Sea region, Brazil, Australia, and Argentina.

Source: Author’s visualizations using data from the International Grains Council (IGC).
Note: The index is normalized so that 100 represents the average grain and oilseed freight rate on January 1, 2013. During the conflict, the index rose to approximately 190, representing a 90 percent increase relative to the base value and a 30 percent increase from the beginning of the conflict on February 28, 2026.

As a result of the heightened price of grains and oilseeds, among other agriculture components, UNCTAD says, “Past input price shocks remain a risk to future food security,” laying out the cycle in which costs can amount:

1. Traffic through the strait was disrupted.
2. Limited freight traffic constricts the availability and raises the cost of oil, gas and nitrogenous fertilizer.
3. A decrease in energy exports creates higher energy prices, increasing transport and shipping costs.
4. Further fuel inflation slows down the global economy.
5. Agricultural production costs increase.
6. Food production may be affected by the increased cost of agricultural components such as fertilizer, pushing domestic food prices further up.
7. Vulnerable populations may face greater food insecurity and hunger, as a result of the heightened cost of importing food, and domestic agriculture production.

This process has exposed 61 vulnerable economies to dual impact of higher oil and cereal import prices. (e.g., wheat, rice, corn, barley, oats, sorghum, millet, rye) These countries consist of 35 least developed countries and 26 small island states, with seven of those countries being both least developed and small island developing states.

According to UNCTAD, the pressure is “sharpest for economies that rely heavily on imported fuel”, citing an example in Cabo Verde where net imports of oil and petroleum products averaged 24.6 percent of GDP within recent years. This dependence on fuel imports means that those extra costs can quickly make food prices, electricity, transport, and public finances more expensive.

Source: Author’s visualizations using data from UNCTADStat.
Notes: Orange countries are small island states, and blue countries are least developed countries (LDCs).

Yemen was also cited to be at high risk, with analysis showing that net imports of cereal and cereal products averaged 10.8 percent of GDP. For countries like Yemen dealing with conflict, hyperinflation, debt pressure, and limited public financing, a higher import bill for grain compounds an already declining situation.

Source: Author’s visualizations using data from UNCTADStat.
Notes: Orange countries are small island states, and blue countries are least developed countries (LDCs).

UNCTAD analysis indicates that a real increase of food cost by just 5 percent is associated with a higher risk of child wasting (a life-threatening form of acute malnutrition), especially among poor children and children living in rural landless households.

While restoring full trade through the strait is a necessary step to recovery, this will not undo the aftermath that higher import bills, delayed shipments, and higher priced food and energy have on the global economy, especially vulnerable economies.

“The policy task is therefore broader than reopening a route. Vulnerable economies need support to manage higher import bills, protect households from food and fuel shocks, and invest in systems that reduce exposure before the next disruption hits household budgets,” said UNCTAD, indicating the importance for vulnerable economies to develop supply chain resilience, sustainable systems, and have less reliance on concentrated international trade for vital goods such as food and energy, among financial support from the international system.

IPS UN Bureau Report

 

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