War and Drought Are Choking the World’s Most Vital Trade Routes

AI Summary

The Strait of Hormuz, a critical global oil transit route, remains closed to most ships following Iran's closure in response to US and Israeli attacks. This closure affects the supply of oil and essential commodities such as fertilizers and helium, highlighting the intersection of conflict, geopolitical security, and commodities markets.

Since early March, a previously obscure waterway between Iran and Oman that very few people could name has become the subject of daily reporting around the world after Iran closed it in response to the attack on Iran by the United States and Israel. The Strait of Hormuz, which remains closed to most ships, is now known around the world as the transit point for 20 percent of the world's oil and high percentages of key materials including fertilizers such as ammonia (23 percent), urea (34 percent) and phosphate (20 percent), helium (30 percent),…