Hormuz disruptions hitting small businesses hardest, UN trade agency warns

SPY•2026-09-08

After a month of calm in August, fighting in the Gulf resumed, with Iran and the U.S. exchanging fire, sending global oil prices back up to levels unseen since July. Brent crude prices were up more than 2% on Tuesday, above $99 a barrel.
Houthi attacks on southwestern Saudi Arabia have the potential to deepen the economic impact of the conflict by disrupting Middle East energy supplies beyond the blockaded Strait of Hormuz.
UNCTAD warned the disruption risked an “SME exclusion effect”, where smaller companies could be forced to scale back production, delay investments or exit value chains altogether, even if overall trade volumes eventually improve.
"The risk is not only that trade slows globally. It is that smaller firms can be really pushed out of the value chains, even when overall trade begins to recover," said UNCTAD spokesperson Marcelo Risi.
UNCTAD said recent shocks had already been reflected in higher crude prices, lower shipping transit volumes and rising borrowing costs, weighing particularly hard on SMEs, which already face higher relative operating costs such as electricity and import compliance than larger firms.

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