WASHINGTON (dpa-AFX) - At the UN's regional forum in Bangkok, senior UN officials and national delegates have warned that the impact of the Middle East war is being felt far beyond the region, with growing consequences for economies and vulnerable populations across Asia and the Pacific.
Addressing the UN Economic and Social Commission for Asia and the Pacific's 82nd session in Bangkok, Deputy Secretary-General Amina Mohammed said the crisis is compounding global shocks, with the effects 'falling hardest on the most vulnerable.'
She stressed that sustainable development remains key to building resilience amid rising uncertainty.
ESCAP Executive Secretary Armida Salsiah Alisjahbana warned that the conflict has triggered the region's most severe energy supply crisis in decades, disrupting trade, transport and financial stability.
Delegates echoed these concerns, noting that geopolitical tensions are weakening investment confidence, tightening fiscal space and slowing progress on development goals, while exposing the fragility of global trade routes and energy supplies.
As tensions flared again in the Middle East with Iran warning to retaliate against US seizure of an Iran-flagged cargo ship in the Gulf of Oman, crude oil prices rose by more than 5 percent Monday after plunging more than 9 percent in the previous session.
Brent crude oil price increased to $94.99 a barrel, while the US-traded WTI rose to $88.75.
The U.S. Navy's Guided Missile Destroyer USS Spruance intercepted Iranian cargo ship, M/V Touska, while exiting Hormuz Sunday, and seized it.
Since the blockade began last Monday, U.S. forces have directed 25 commercial vessels to turn around or return to an Iranian port, CENTCOM said in a press release.
The Strait of Hormuz is one of the world's most strategically important maritime corridors, serving as a gateway between the Persian Gulf and the open ocean.
Located between Iran to the north and Oman and the United Arab Emirates to the south, the strait connects major oil- and gas-producing countries - including Iran, Saudi Arabia, Qatar, Iraq and Kuwait - to global markets.
Under normal conditions, around 20 percent of the world's energy supplies - including oil and liquefied natural gas - as well as raw materials for industries from agriculture to pharmaceuticals passing through the strait each day.
Ship transit through the narrow waterway has dropped to a fraction since the conflict escalated in late February.
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