Vulnerable economies are most at risk as disruptions continue in the Strait of Hormuz, and these economies, which include small island nations and what the UN designates as “least developed countries”, could see oil import costs rise $20bn a year, UN Trade and Development (UNCTAD) has announced, Al Jazeera.

Together, these countries are home to nearly one billion people, with more than 30 per cent of the population living on less than $3 a day.