UN report says Strait of Hormuz closure could affect 1 billion people

GENEVA, Switzerland — The United Nations Conference on Trade and Development said a closure of the Strait of Hormuz could affect the lives of about 1 billion people in countries with fragile economies. The report was released on Tuesday and said the greatest impact would be felt in vulnerable economies. According to the report, 65 of 75 economies made up of least developed countries and small island developing states depend on imported oil. It said higher energy prices would raise costs in those countries and force difficult choices between fuel spending and investment in basic public services. The report also said disruptions in the strait can trigger price shocks across the global energy system. It added that about 20 million barrels of oil pass through the waterway each day.