Page 9 - Policy Economic Report - March 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 1: Oil prices

Source - CNN

2. Strait of Hormuz disruptions: Implications for global trade and development- UNCTAD
The Strait of Hormuz is one of the world’s most critical maritime chokepoints, carrying around a quarter
of global seaborne oil trade and significant volumes of liquefied natural gas and fertilizers.

Figure 2: Share of global trade passing through the Strait, based on average flows during the week
before the military escalation that began on 28 February

Source - UNCTAD Page | 8

March 2026