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Iran War's Gas Crisis Reaches the Poor
The closure of the Strait of Hormuz due to the American-Israeli war on Iran has caused significant disruption in the global fertilizer market. The fertilizer industry relies heavily on Gulf natural gas, which accounts for 70% of its inputs and passes through the strait. This disruption has led to a spike in fertilizer prices, threatening global food production, especially given the regional and international interconnectedness. It has also impacted grain prices, which have risen substantially, with forecasts indicating a roughly 2% decrease in the upcoming grain season's productivity. Farmers are facing tough choices, such as reducing fertilizer use or decreasing their cultivated areas, which could negatively affect crop quality and food supplies.
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