Fertilizer Shock as Hormuz Disruption Tightens Global Trade

Strait of Hormuz disruptions tied to the Iran conflict have pushed fertilizer prices higher, especially nitrogen-based urea (Egypt FOB around $700/ton vs $400–$490 earlier). About 30% of global urea trade may be affected, threatening crop yields and raising food-security concerns, with impacts expected to hit emerging markets hardest even as buffer stocks and export controls add complexity.