The blockade of the Strait of Hormuz will cause oil prices to rise, hitting the most vulnerable economies hard and affecting the lives of nearly one billion people.
This was stated in a report prepared by the UN Conference on Trade and Development (UNCTAD).
According to the report, 65 of the world's 75 most vulnerable economies depend on oil imports. Rising energy costs will increase expenses.
UNCTAD official Marcelo Risi said the situation could affect 983 million people. One-third of them live on less than $3 a day.
If oil prices remain 50% higher, vulnerable countries' annual oil import costs could increase by $20 billion.
Higher oil prices will accelerate inflation, weaken global economic growth.
On April 13, US President Donald Trump announced the blockade of the Strait of Hormuz. About 20-30% of global oil exports pass through this strait.
Oil prices have exceeded $100 per barrel, increasing the risk of a global economic crisis.
