Disruptions to a vital shipping route in the Middle East have created an energy shock. Now, a global food security crisis is brewing, warns the secretary general of the International Chamber of Commerce (ICC), John Denton, reports The Wall Street Journal.

The monthslong conflict between Iran and the US has curbed the flow of goods through the Strait of Hormuz, a waterway many countries rely on for imports of critical inputs like fertilizers and natural gas.

According to Denton, if the strait is not reopened, grain prices could rise by up to 80%, which would be particularly hard on the economies of import-dependent countries. He added that the situation in the Strait of Hormuz has caused a shortage of about 2.7 million tons of fertilizer on the world market.

The ICC is working with the UN and the International Maritime Organization on a mechanism that would transfer temporary management of navigation through the Strait of Hormuz to the UN Secretary General. The mechanism being developed includes monitoring, ship insurance, and inspections, but the lack of agreement between the US and Iran is blocking its implementation.