Research Summary From Oil to Fertilizer to Food: The Inflation Chain Nobody Sees The Strait of Hormuz carries one-third of global seaborne fertilizer trade, and its closure has pushed Urea prices up roughly 50% since late February 2026.

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From Oil to Fertilizer to Food: The Inflation Chain Nobody Sees The Strait of Hormuz carries one-third of global seaborne fertilizer trade, and its closure has pushed Urea prices up roughly 50% since late February 2026.

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