UN Warns Hormuz Disruptions Are Hurting Small Businesses
The United Nations Conference on Trade and Development (UNCTAD) has warned that ongoing disruptions in the Strait of Hormuz are disproportionately affecting small and medium-sized enterprises (SMEs), which make up a large portion of global businesses, employment, and GDP. Rising energy costs, freight rates, insurance premiums, and financing constraints caused by U.S.-Iran tensions have placed heavier burdens on SMEs compared to larger firms that can better diversify their operations. The conflict has already led to higher crude oil prices, reduced shipping volumes, and increased borrowing costs. Recent fighting in the Gulf saw Brent crude rise above $99 a barrel after August's brief calm. UNCTAD warns of an
Topics: shipping disruptions SMEs Strait of Hormuz U.S.-Iran conflict UNCTAD report