MenuWarfare in the Persian Gulf is hitting markets well beyond oil and gas. Disruptions near the southern Iranian coastal city of Bandar Abbas and the near-blockade of the Strait of Hormuz — through which roughly one-third of globally traded fertilizer moves — are forcing buyers to rethink sourcing strategies that had been established for decades. Fertilizer prices track the cost of natural gas, one of their principal production inputs, meaning energy shocks ripple directly into the agricultural markets.
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