FLASH
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The conflict in the Middle East has led to a sharp increase in oil prices on international stock exchanges, reflecting market concerns about global energy supplies. In addition to energy, the tensions are also expected to have an impact on the agricultural sector and food prices, if the situation continues to escalate.
According to industry experts, a prolonged closure of the Strait of Hormuz, one of the world's most important maritime corridors, would directly affect the transport of strategic raw materials. The waterway is used to transport about a third of the world's urea, a key ingredient in the production of chemical fertilizers.
In an interview with World Business Express, Yara CEO Svein Tore Holsether said that limiting the supply of urea could have significant consequences for agricultural production. “In some crops, you could see yield reductions of up to 50%,” he said.
Holsether, who runs the world's second-largest fertilizer company, noted that the potential timing of the shutdown coincides with a period when farmers are securing fertilizer for the planting season. He said any disruption in supply at this critical stage could limit production and increase costs for growers.
Experts warn that, in the event of a prolonged disruption to shipping in the Strait of Hormuz, global prices of staples such as corn, wheat and rice could rise significantly, adding to the pressure on food markets and consumers around the world.
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