Shipping through the Strait of Hormuz has dropped by more than 95% since the start of the U.S.-Israeli war on Iran, according to a report by the UN Conference on Trade and Development (UNCTAD).

“Shipping through Hormuz has collapsed, with transits down by over 95%, disrupting energy and fertilizer flows,” UNCTAD said.

“The Strait of Hormuz is a critical artery for global energy and fertilizer trade, carrying around a quarter of seaborne oil as well as significant volumes of liquefied natural gas and fertilizers. Since the escalation of the conflict, shipping activity through the Strait has fallen dramatically. Daily transits dropped from an average of 103 vessels in the last week of February to single digits within weeks, effectively bringing flows close to a standstill,” the report added, emphasizing that energy prices have surged, with oil and gas rising sharply across regions.