Strait of Hormuz Closure Triggers Global Food Crisis Fears

Crop prices have hit a three-year high due to factors such as heat waves and conflict in the Black Sea disrupting global grain trades.

The closure of the Strait of Hormuz has also led to volatility in fertilizer markets, with synthetic fertilizer being a petroleum product highly sensitive to oil shocks and supply disruptions.

About one-third of the world's urea imports come from the Middle East, and since the Strait closed at the end of February, 3.9 million tonnes of urea exports have been blockaded, or about 30 percent of the region's annual fertilizer exports.

The International Food Policy Research Institute (IFPRI) refers to this situation as an 'input crisis' that could develop into a full-blown food crisis, especially in poor countries.