Iran war threatens food prices amid rising oil costs
pre-market1 source ↓written by the desknot a recommendation
- due to military
- 28 Feb 2023
The ongoing war in Iran is impacting global food prices due to disruptions in fertilizer supplies. Approximately one-third of fertilizer ingredients transit through the Strait of Hormuz, which has been effectively shut since 28 Feb 2023 due to military actions. This situation may lead to higher food costs for consumers as shipping delays persist.
The closure has also caused oil prices to surge, affecting energy markets. Traders should monitor developments closely as the situation evolves.
Not investment advice. For informational purposes only.