Strait of Hormuz Blockade To Lead to High Food Prices

The situation in the Middle East and the closure of the Strait of Hormuz are affecting many aspects of life around the world. The complete blockade has led to energy shortages and spikes in oil prices, and now experts are also warning of the risk of famine and rising food prices. A UN report notes alarming trends: daily vessel transit through the Strait of Hormuz has decreased by 97% since the start of the military escalation in the region.

A group of tankers is currently heading to the Red Sea, according to Bloomberg. This will allow Saudi Arabia to load approximately 50 million barrels of oil, which could significantly ease tensions in the energy market.