MOSCOW, Sept 17 – Disruptions to shipping through the Strait of Hormuz are causing a global fertiliser shortage and worsening market conditions, including in the energy sector, Director of the United Nations (UN) Food and Agriculture Organisation (FAO) Liaison Office with the Russian Federation Oleg Kobiakov said, reported Sputnik/RIA Novosti.
“Disruptions to shipping through the Strait of Hormuz are causing a global fertiliser shortage, leading to a deterioration in fertiliser market conditions and rising energy prices,” Kobiakov said.
He added that the crisis involving Iran had shifted from a “short-term flare-up” to a protracted systemic problem.
On Feb 28, the United States (US) and Israel began striking targets in Iran, prompting retaliatory strikes by Iran.
In mid-June, Tehran and Washington signed a memorandum to cease hostilities, although they subsequently exchanged strikes again. The conflict remains unresolved.
The escalation of the conflict has brought shipping through the Strait of Hormuz to a near-standstill.
The strait is a key supply route for the global oil, petroleum products and liquefied natural gas markets.
As a result, fuel prices have risen in most countries around the world.
