Blocking fertilisers: The Hormuz Strait and agricultural shock

The closure of virtually all commercial traffic through the Strait of Hormuz occasioned by the Iran War is not merely a matter of oil and gas, the usual prized duo that feature in the nervous chatter of global markets.  There are other less conspicuous products that have also been snared in the process.  Consider fertilisers, with a supply shock that may well push prices beyond the 2022 peak following the Russian invasion of Ukraine.  Given their role in agriculture, another, less publicised shock arising from this prolonged war is in the offing.  Prices, at this writing, are already biting.  Egyptian urea prices have risen by 25%, reaching $625 per metric tonne, up from $484 to $490 between February 17 and […]