Almost the entire flow of maritime traffic through the Strait of Hormuz, one of the world’s most critical energy and trade chokepoints, has ground to a halt this week, triggering urgent warnings from the United Nations Conference on Trade and Development (UNCTAD) about looming global economic fallout. The development, unfolding against a backdrop of rapidly escalating tensions between the United States, Israel, and Iran, has already sent shockwaves through international commodity and energy markets.
Strait of Hormuz traffic nearly grinds to a halt, raising global economic fears
