Soaring gas prices are the most blunt and visual reminder of the war in Iran, but crude oil isn’t the only commodity shipped out of the world’s crucial waterway. Fertilizer inputs such as urea, potash, ammonia, and sulfur are produced all over the Persian Gulf, and an estimated 30-35% of all plant nutrients rely on the contested Strait of Hormuz for transit. While fertilizer prices usually aren’t the top concern of American consumers, they could create issues for the 2026 spring planting season in the Northern hemisphere, which is just now getting started. It has also created a massive tailwind for domestic fertilizer producers, who can now capture huge margin gains thanks to the supply cut-off.
