UAE minister warns of costs, airfares going up due to closure of Strait of Hormuz

UAE minister warned that airfares have jumped 20% and a shortage of one billion barrels of oil has occurred due to the closure of the Strait of Hormuz. Fuel and fertilizer prices have also risen sharply. The UAE is urging freedom of navigation and expressing concerns about the geopolitical tensions stemming from the US-Israel-Iran conflict.