Fertilizer prices have more than doubled since the Feb. 28 assault on Iran, as reported April 29 by OilPrice.com. Half of all global fertilizer feedstock exports pass through the Strait of Hormuz. Fertilizers and feedstock chemical exports include urea, ammonia, sulfur, hydrogen, natural gas—all critical components.
It will be at least months, possibly multiple years, after any re-opening of the Strait before Gulf production of natural gas—necessary for the fertilizers—can get back to pre-Feb. 28 levels. So, not only are fertilizer prices incredibly high, but the UN estimation is that 45 million more people will be pushed into hunger—especially in Sudan, Somalia, and Sri Lanka. Neither the price nor the health crisis will diminish any time soon.
