Hormuz disruptions could raise vulnerable economies’ oil import costs by $20B per year: UN trade agency

Disruptions in the Strait of Hormuz could increase the annual oil import bill of vulnerable economies by more than $20 billion, the United Nations Conference on Trade and Development (UNCTAD) said Tuesday, Anadolu reports. That would place additional pressure on countries already facing significant economic challenges. In a new report, UNCTAD said 65 of 75 vulnerable economies, including least developed countries (LDCs) and small island developing states (SIDS), are net importers of oil. Together, the economies are home to 983 million people, more than 30% of whom live below the extreme poverty line of $3 a day. The agency said crude oil prices have risen by more than 40% and gasoline prices by more than 50% following the latest military […]