The crisis is also affecting the technology industry. Qatar, one of the world’s leading suppliers of helium, has halted production after the recent attacks. The gas is essential for the production of microchips and for the operation of medical devices such as magnetic resonance imaging. A shortage of helium could lead to higher prices for electronic devices, but also for medical services.
The disruption of oil and gas supplies through the Strait of Hormuz, as a result of the conflict between the US and Israel with Iran, has caused a sudden increase in global energy prices and is threatening international supply chains.
Fuel prices have started to rise, while experts warn that energy bills for families are expected to rise soon. But the impact is not limited to the energy sector. According to recent analyses, the number of ships passing through this strategic route has fallen significantly, from over 100 per day before the conflict to just a few currently, creating direct consequences for the global supply of goods. One of the most affected sectors is expected to be agriculture. About a third of the world’s chemical fertilizers pass through the Strait of Hormuz. The drop in supplies comes at a critical time, as March and April are the planting months in the northern hemisphere.
Experts warn that a shortage of fertilizers could reduce agricultural production and increase food prices in the coming months.
The crisis is also affecting the technology industry. Qatar, one of the world’s leading suppliers of helium, has halted production after the recent attacks. The gas is essential for the production of microchips and for the operation of medical devices such as magnetic resonance imaging. The shortage of helium could lead to increased prices for electronic equipment, but also for medical services. The disruptions are also affecting the pharmaceutical industry. Petrochemical derivatives, essential for the production of medicines, are mainly exported through this route. Problems in transportation, including air traffic in the Region, could cause delays and increase prices for medicines.
The metals and battery markets are also expected to be affected. Sulfur, used in the processing of metals such as copper and lithium, is transported in large quantities through the Strait of Hormuz. Any disruption in supply could increase the costs of battery production, affecting the prices of electronic devices and electric vehicles. The blockage of one of the world’s most important sea routes is showing wide-ranging consequences for the global economy. Experts warn that, if the situation continues, consumers around the world will face price increases on many basic products and services.