Looming food crisis

The US-Iran conflict and its spillover across the Middle East has not only impacted the geopolitical landscape, but has also taken a toll on the global economy and supply chain. The WFP has flagged an alert stating that billions of people are on the verge of a food catastrophe, as hunger is on the rise owing to soaring fuel and transportation costs as a consequence of the Middle East war. That has inevitably led to escalation in food prices.

The Strait of Hormuz that caters to more than 20% of oil supplies is in revulsion as realpolitik considerations are keeping countries on tenterhooks. Oil-dependent economies are struggling to manage their procurements from abroad. Thus, the UN aid agency minced no words in saying that humanitarian assistance is also under supply crunch, and that it could scale back on assistance for a larger segment of recipients.

It is worth noting that the economic fallout of the US-Iran war on the world is estimated to go up to $1 trillion. Likewise, it is worrisome to note that direct Pentagon expenditures for munitions and maintenance has run into roughly $1 billion a day. This is unfolding in a world that has seen more than a million Palestinians shunted out of the Israel-besieged Gaza, and forced to live a life of destitution. Moreover, millions of hungry mouths in the Dark Continent are unaccounted for, as they do not merit a place on elite-driven agenda. Last but not least is the oil per barrel tag that had escalated to $135, only to sink back to $90. The UAE's exit from OPEC-Plus and other fissures are adding uncertainty to global energy markets.

The UN has rightly warned that disruption in fuel and fertiliser supplies could push 30 million people into acute food crises. Similarly, shipment delays are driving up insurance premiums and freight rates, while causing organic supplies to perish. The unavailability of ammonia, urea and natural gas from the Gulf are other red flags for global food security. This sordid equation necessitates instant action to save the world from a looming recession as well as civil strife as millions face starvation.