Market anxieties about the Strait of Hormuz – a significant artery for the world’s energy – have pushed oil prices to their highest point since July 2022, the summer after Russia’s invasion of Ukraine. The United Nations warned on Friday that restrictions on the flow of ships through the strait will have an “immense impact” on humanitarian efforts as the war continues.
“When ships stop moving through that Strait, the consequences travel fast,” Tom Fletcher, the United Nations’ under-secretary-general for humanitarian affairs, said. “Food, medicine, fertilizer and other supplies become harder to move and more expensive to deliver.”
The CEOs of Maersk and Pivot Bio discuss challenges to their businesses and the global economy due to threats in the Strait.
0:00 Shipping and fertilizer company CEOs talk about the Strait of Hormuz
1:24 Maersk CEO Vincent Clerc discusses his company’s stuck ships
2:40 The Strait of Hormuz threat creates global supply chain backups
4:49 Shipping surcharges are piling up for all nations
7:27 It’s not just oil, fertilizer for food crops is affected also
9:33 Pivot Bio CEO Chris Abbott on the tough timing
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