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An IFPRI analysis says the Iran war has disrupted fertiliser and energy supply chains, with urea prices roughly doubling within weeks after the effective closure of the Strait of Hormuz at the end of February 2026. It warns of rising risk of a global food crisis.
Higher fertiliser costs can reduce application and yields in importing countries, which supports grain and oilseed prices over time.
ifpri.orgRob VosJul 2, 2026After 205 past bullish geopolitics events, Urea moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.0%), and -0.4% over 20.
After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
