US EditionIran Conflict Drives up Fertilizer Costs During Busy Planting Season
Major insurers cancel war-risk coverage amid U.S.-Israeli strikes and Iranian retaliation, forcing over 150 vessels to anchor or reroute and causing oil prices to surge above $80 a barrel.
- On March 4, Maersk and other major carriers suspended crossings through the Strait of Hormuz as maritime insurers canceled war-risk cover, forcing more than 150 vessels to anchor or reroute.
- Amid warnings from Iran's IRGC, reports of a container ship hit and strikes early Saturday triggered industry pullback, with insurers withdrawing coverage.
- Geography concentrates risk in the narrow two-mile lanes, as the Strait of Hormuz handles roughly 20 million barrels a day and one-fifth of global LNG, while Marsh, insurance broker, reported war-risk premiums surged to 1.25% as of Tuesday.
- Brent crude was above $80 on March 4, while Qatar halted LNG production and Saudi Arabia suspended refinery operations, pushing U.S. gas prices to $3.19 per gallon on Wednesday.
- The DFC said it will support shipowners and maritime insurers to minimize disruption, but analysts Bob McNally and others warned escorts and guarantees won’t provide immediate relief.
17 Articles
17 Articles
Cement, Drugs, and Oil—How the Iran Conflict Could Disrupt Global Supply Chains
The conflict in Iran could have consequences for international trade that extend beyond oil and gas. It has been less than a week since the start of the U.S.–Israeli operations in Iran, and oil tanker traffic in the Strait of Hormuz—a key global chokepoint for energy shipments—has come to a screeching halt. Approximately 200 oil tankers have been stranded in the Gulf, according to data from Lloyd’s List Intelligence. The strait handles an estima…
Watch shipping through the Strait of Hormuz grind to a halt amid Iran conflict | Fox Wilmington WSFX-TV
close Video Trump’s ‘drill, baby, drill’ policy shields consumers from Iran-driven oil shocks, economist says Unleash Prosperity co-founder Stephen Moore says record U.S. oil and gas production will help counter Middle East turmoil and prevent a spike in gas prices in the wake of recent Iran strikes. NEWYou can now listen to Fox News articles! Few places on the planet matter more to the global economy than the Strait of Hormuz. Just about 21…
Famine Incoming? About One-Fourth Of All Globally Traded Nitrogen Fertilizer Normally Travels Through The Strait Of Hormuz » Sons of Liberty Media
If the war with Iran persists for an extended period of time, a lot of people could literally starve. Approximately half of all global food production is dependent on the use of fertilizer. Without fertilizer, crop yields would drop precipitously and there wouldn’t be anywhere near enough food for everyone. Even now, hundreds of millions …
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