Maximo Torero in the news as FAO chief economist commenting on soaring food prices amid Middle East turmoil. Peruvian economist, FAO official.
Since late February 2026, the US-Israel war on Iran has severely damaged Persian Gulf energy infrastructure, including Qatar's Ras Laffan LNG terminal. Iran's blockade of the Strait of Hormuz and attacks on oil and gas facilities have caused the largest global oil supply disruption ever, pushing prices above $100 a barrel and threatening long-term economic impacts worldwide.
The Strait of Hormuz remains effectively closed following attacks by Iran and Israel, halting 20% of global oil and gas flows. Prices have surged, causing widespread disruptions. Countries are implementing conservation measures as the crisis threatens supply chains and food security. The situation is the worst in history.
Iran launched missile strikes on Qatar's LNG facilities, damaging two trains and causing a potential three to five-year production halt. The attacks follow Israeli strikes on Iran's South Pars gasfield, escalating regional tensions and disrupting global energy supplies. Prices for oil and gas have surged sharply.
Global food prices increased in March, reaching their highest since September 2025, driven by energy costs and crop concerns linked to the US-Israeli conflict on Iran. The FAO warns prolonged conflict could reduce future yields and impact supply.
Since the conflict in the Strait of Hormuz has escalated, global food prices have begun to rise, driven by disruptions to shipping, fertiliser, and fuel supplies. Experts warn that ongoing delays will force higher costs and threaten food security, especially in vulnerable regions, over the coming months.