The United Nations Conference on Trade and Development (UNCTAD) confirmed in a new report released Wednesday that maritime navigation through the Strait of Hormuz has nearly come to a standstill, recording a 95% decrease in the number of vessels passing through daily over the past month.

In statements made by UN Spokesperson Stéphane Dujarric, he expressed regret over the impact of this new development, noting that the disruption is expected to reduce annual trade growth in goods by at least 1% and drive up inflation due to rising crude oil prices.

Citing the UNCTAD report, Dujarric also projected a decline in global GDP to approximately 2.6% by year-end, alongside stock market volatility and currency devaluations in developing nations.

He highlighted UNCTAD’s call for governments to implement a policy mix to stabilise price levels amid mounting inflationary pressures, particularly on vulnerable populations. This includes measures to enable development banks to provide emergency loans.

Responding to journalists, Dujarric emphasised that the United Nations is striving to restore freedom of navigation in the Strait of Hormuz. He reminded that this is not only a demand from the Secretary-General but also from the Security Council.

"The Council has issued a resolution on this matter," he said, pointing to the mechanism proposed by the Secretary-General and led by his recently appointed Personal Envoy to explore ways to restore peace to the region as a whole.