Iran's Hormuz Threat: Beyond Oil, a Looming Global Food Crisis

• Iran's potential restriction of the Strait of Hormuz threatens global shipping and trade.
• Beyond oil and gas, this move risks a severe fertilizer shock, directly impacting global food security.
• The Strait is a critical chokepoint for one-third of global urea trade, essential for modern agriculture.
• Disruptions would lead to higher fertilizer prices, reduced crop yields, and millions of tonnes of lost food worldwide.
• Policymakers are urged to recognize fertilizer shocks as a major destabilizing force, comparable to oil embargoes.