Page 10 - Policy Economic Report - March 2026
P. 10
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
The ongoing military escalation in the region has disrupted shipping flows through this narrow passage.
The resulting ripple effects go far beyond the region, affecting energy markets, maritime transport, and
global supply chains.
Figure 3: Total number of daily ship transits through Strait of Hormuz
Source - UNCTAD
These developments raise concerns for global trade and development prospects. Oil markets have
reacted quickly, with Brent crude prices now rising above $90 per barrel.
Figure 4: Daily oil and gas prices, 1 January 2024–9 March 2026
Source - UNCTAD Page | 9
March 2026
