Hormuz closure threatens the global food supply – why grocery price hikes are coming

Fertilizer scarcity and costs are just the beginning of the problems. Jim Watson/AFP via Getty Images

The global energy crisis caused by the closure of the Strait of Hormuz is only the beginning of the economic cost of the war with Iran.

I study how institutions affect businesses and supply chains, and I expect food prices to rise next, with high prices lasting even after whatever point hostilities end.