The Secretary-General of the International Chamber of Commerce (ICC), John Denton, warned that disruptions in the Strait of Hormuz could trigger a global food security crisis.
According to a report by the Wall Street Journal, Denton noted that if this vital waterway is not restored, grain prices could rise by up to eighty percent.
The situation in the strait has also led to a fertilizer shortage on the global market, estimated at approximately 2.7 million tons, representing a decrease of nearly 40 percent.
Such obstacles are capable of negatively affecting international agricultural production and food supplies, making countries dependent on imports particularly vulnerable.
The report indicates that the ICC is cooperating with the UN and the International Maritime Organization to create a mechanism that would allow the UN Secretary-General to assume temporary control of navigation through the strait.
However, the implementation of this mechanism is complicated by the ongoing tensions between the US and Iran, as added in the report.