A conflict with Iran was always going to mean a spike in oil and gas prices. That is indeed happening, although the impact will be far harder in Europe and Asia than in the U.S.

Fertilizer prices are being squeezed, too. Natural gas, the primary feedstock for ammonia, is a critical element in the production of nitrogen-based fertilizers (roughly 60 percent of global fertilizer production) and can account for some 70–90 percent of their cost.

The Gulf region is home to some of the world’s largest fertilizer plants, and the Strait of Hormuz handles about one-third of the global trade for the nutrients. Prices

The Gulf region is home to some of the world’s largest fertilizer plants, and the Strait of Hormuz handles about one-third of the global trade for the nutrients. Prices

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