Middle East War

The Middle East war has triggered a global race for fertilizer that could make food inflation look tame. With the Strait of Hormuz effectively closed, urea prices have spiked 28% as nations scramble to secure supplies before Northern Hemisphere spring planting. India's already shutting fertilizer factories due to gas shortages, while the FAO warns of a 'dual cost shock' hitting farmers with higher fuel and fertilizer bills simultaneously. Brazil's cutting import taxes, the US is suspending Venezuelan sanctions, and China's restricting exports — classic beggar-thy-neighbor economics when the stakes are global hunger.