Cyprus Times

Potential Supply Chain Disruptions and Price Increases Due to Strait of Hormuz Closure, Says Rouounidis

Published March 2, 2026, 09:07
Potential Supply Chain Disruptions and Price Increases Due to Strait of Hormuz Closure, Says Rouounidis

Philokypros Rousounidis, Secretary-General of the KEVE, told CNA that the closure of the Strait of Hormuz could cause disruptions in the supply chain and commercial activity, leading to price increases. These disruptions could include delays, increased transportation costs and insurance, due to ongoing tensions and the war in the region. Furthermore, the rise in oil prices, by 10% today, with forecasts for further increases above $100-120 per barrel, could worsen economic impacts. KEVE is monitoring the situation and calling for calm, while examining alternative trade routes and is in contact with chambers of commerce in other countries to support Cypriot businesses that may face problems.