Live updates: Follow the latest news on the Iran war
Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure, has said that “no country has the right to disrupt international trade” as Iran maintains its blockade of the Strait of Hormuz amid its war with the US and Israel.
The strait, a key chokepoint through which a fifth of the world's crude and gas shipments flow – has been effectively shut by Iran since the country was attacked by the US and Israel on February 28.
Mr Al Mazrouei, who was speaking at an event in Russia, urged global co-operation to stabilise trade corridors and called Iran's actions an “unprecedented threat” to supply chains, state news agency Wam reported on Thursday.
He also said closing the strait and targeting commercial ships and oil and gas tankers constitutes an unprecedented threat to supply chains.
Protecting freedom of navigation and the safety of ships and seafarers is a collective responsibility that falls on the shoulders of the international community, Mr Al Mazrouei said.
Any leniency in this matter will have consequences affecting the lives of individuals and economies around the world, affecting the stability of global markets and the rise in commodity prices, he added.
Global merchandise trade is expected to slow sharply due to the fallout from the regional war, from about 4.7 per cent growth last year to between 1.5 per cent to 2.5 per cent in 2026, the UN trade agency said on Wednesday.
Ship transits through the Strait of Hormuz have dropped from around 130 per day in February to only six in March – a dip of about 95 per cent, the UN trade and development body, Unctad, said in a report.
The disruption is hitting global oil and gas supplies, with immediate consequences for production, trade and consumption worldwide, it warned. Transport systems are also affected.
The cost of living is set to rise for billions globally, and financial ramifications for developing countries include falling stock prices, weakening currencies, and rising cost of external debt.
“If the military escalation and disruptions persist, the suffering will extend far beyond the region, translating into widespread economic hardship,” Unctad said. “De-escalation and the restoration of stability are essential.”
Speaking at the event on Thursday, Russian President Vladimir Putin said the transport and logistics sectors are key pillars of the global economy, and action is needed to help them navigate through major geopolitical challenges.
The US-Israeli war on Iran is in its fifth week, with the endgame still unclear. Iran continues to attack critical infrastructure in Gulf countries. Washington and Tehran have exchanged threats, while issuing contradictory messages about the progress of negotiations to end the conflict.
