World's biggest condom maker to raise prices due to Iran war

World's biggest condom maker to raise prices due to Iran war11 minutes agoShareSaveAdd as preferred on GoogleOsmond ChiaBusiness reporterReutersKarex CEO Goh Miah KiatThe boss of the world's biggest condom maker, Karex, says the firm will raise its prices by up to 30% or possibly more if the Iran war continues to disrupt supplies of the raw materials used in its products.Karex's chief executive Goh Miah Kiat told media outlets that production costs have risen sharply since the start of the conflict.The Malaysia-based firm produces more than five billion condoms a year and supplies leading global brands like Durex and Trojan, as well as state health systems like the UK's NHS.Goh made the comments in interviews with Reuters and Bloomberg. The BBC has contacted the company.Global oil supplies have been severely disrupted since Iran responded to US and Israeli airstrikes with threats to target vessels in the Strait of Hormuz.That has effectively closed the waterway, causing huge disruptions to global supply chains.Around a fifth of the world's crude oil and liquified natural gas (LNG) - as well as other petrochemicals - usually passes through the strait.Karex relies on materials derived from oil, including ammonia - which is used to preserve latex - and silicone-based lubricants.Demand for condoms has risen by about 30% this year, with higher freight costs and delays to shipping worsening shortages, Goh said."In bad times, the need to use condoms is even more because you're uncertain with your future, whether you'd still have a job next year," he told Bloomberg. "If you have a baby right now, you'll have one more mouth to feed," he added.The surge in condom prices underscores how the US-Israel war with Iran, which has already rocked the world's energy markets, is also pushing up prices of other goods for consumers.The status of peace talks between the US and Iran remained unclear on Wednesday after Preside...