Food prices were already straining Americans’ pocketbooks. The Iran war could eventually make that problem even starker.
So long as Iran is choking off the Strait of Hormuz, around 25% of seaborne oil and one-third of seaborne fertilizers are left without a crucial transit point to reach global markets. The cost of both goods is spiking as a result — all of which weighs on US farmers, who rely on costly fertilizer for their crops and diesel for their equipment.