Iran war's looming economic threat
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The Iran conflict is disrupting fertilizer shipments through the Strait of Hormuz, raising supply concerns and potentially increasing global food inflation.
Along with spiking oil prices, Iran's de facto closure of the Strait of Hormuz is raising fertilizer costs by up to a third. Farmers are bracing for soil nutrient shortages that threaten lower harvests.
The ongoing conflict in Iran is affecting U.S. gas prices and could soon impact food costs, prompting the White House to consider measures like tapping the Strategic Petroleum Reserve and waiving the Jones Act.
A widening Middle East conflict that disrupts trade through the Strait of Hormuz could ripple far beyond the energy markets, risking a spike in global food prices.
Iran’s closure of the Strait of Hormuz sends energy prices soaring and disrupts global food supply chains, impacting oils, grains, dairy, meat and packaging.
Sen. Brian Schatz (D-Hawaii) skewered President Donald Trump for launching a "regime change war of choice" while Americans continue to suffer.
Effects of the Mideast conflict are now reverberating in Toronto after a shipment of rice meant for the city's Daily Bread Food Bank was struck Wednesday in the Strait of Hormuz near Iran, the food bank's CEO says.
Wall Street’s losses deepened as the ongoing fallout from the war in Iran keeps pushing oil prices higher, ratcheting up inflationary pressure on the global economy