Hormuz turmoil widens oil shock into global food and chemical markets
Disruptions in shipping through the Strait of Hormuz tied to Iran’s war are triggering a global supply shock that reaches oil and spreads into fertilizers, sulfuric acid, and other inputs, with about 30% of global urea supplies affected and fertilizer costs spiking. Experts warn of crop losses and higher food inflation if routes aren’t restored, as oil inventories fall to near-record lows and input prices rise across Asia and beyond.