Impact of Gulf disruption on fertilizer markets
The United Nations Food and Agriculture Organization (FAO) reported that disruptions in navigation through the Strait of Hormuz have caused a global shortage of fertilizers and a rise in energy resource prices, announcing that the Iranian crisis has evolved into an ongoing systemic situation. Tensions between the United States and Iran escalated on February 28, when mutual attacks nearly halted all navigation through the strait, which is a vital route for oil and gas supplies, leading to increased fuel prices and impacts on fertilizer and energy markets worldwide.
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