Hormuz Closure Sends Global Crop Prices Soaring to Three-Year High

Global crop prices have surged to their highest levels in three years due to a combination of geopolitical crises and extreme weather events that are squeezing the world's grain supply.

The closure of the Strait of Hormuz has effectively blockaded approximately 3.9 million tonnes of Middle Eastern urea exports, cutting off roughly 30 percent of the region's annual fertilizer trade.

Urea is a critical nitrogen-based fertilizer used across virtually every major agricultural system, meaning supply disruptions translate almost immediately into higher production costs for farmers worldwide.

The impact is being felt in supermarket shelves, with food prices rising across multiple categories.