The war between Iran, the US and Israel has escalated into a major global crisis, with consequences that are reaching far beyond the Middle East. The closure of the Strait of Hormuz, through which around 25% of the world’s oil ordinarily passes, has rattled global energy markets.

This has only been worsened by the US naval blockade of Iranian ports, which was imposed on April 13 in an attempt to restrict Iran’s ability to export its oil. In early May, the US Defense Department estimated that Iran had been denied nearly US$5 billion (£3.7 billion) in oil revenue due to the blockade.

But Iran’s role in the global economy is not merely centred on oil, as the conflict has shown. From methanol to pistachios and cement, the war is choking trade in a range of Iranian exports that underpin supply chains across Asia and the Middle East.

Methanol is one of the war’s most consequential commodity stories. It is used in a variety of industrial and household products, including windshield cleaning fluids, antifreeze, plywood, plastic and fuel. Iran produces roughly 10 million tonnes of methanol a year, manufactured from its vast natural gas reserves, making it the world’s second-largest supplier after China.

But since hostilities began in February, Iranian methanol exports have effectively ceased. Strikes on Iran’s gas infrastructure have cut off both the feedstock and........

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