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→Urea and ammonia
==Economy==
==Economy==
===Urea and ammonia===
===Urea and ammonia===
The Persian Gulf is not just an [[energy]] hub. It is one of the [[planet]]'s great fertilizer factories, and the [[Strait of Hormuz]] is how those fertilizers reach the fields that depend on them. The [[Middle East]] supplies close to a quarter of global [[urea]] exports; by some measures roughly a third of world seaborne [[fertilizer]] [[trade]] was put at risk when the [[US]]/[[Israel]] attack on [[Iran]] closed the Strait of Hormuz. Iran halted [[ammonia]] production; [[Qatar]] suspended urea, ammonia, and [[sulphur]] output after the [[Ras Laffan]] damage.
The Persian Gulf is not just an [[energy]] hub. It is one of the [[planet]]'s great fertilizer factories, and the [[Strait of Hormuz]] is how those fertilizers reach the fields that depend on them. The [[Middle East]] supplies close to a quarter of global urea exports; by some measures roughly a third of world seaborne [[fertilizer]] [[trade]] was put at risk when the [[US]]/[[Israel]] attack on [[Iran]] closed the Strait of Hormuz. Iran halted [[ammonia]] production; [[Qatar]] suspended urea, ammonia, and [[sulphur]] output after the [[Ras Laffan]] damage.
The price response was violent. Urea climbed above $850 per metric ton in April 2026 — up around 80% from February and the highest level since 2022. World urea prices roughly doubled at the peak. Ammonia jumped nearly 40% in weeks, and about 24% of all global ammonia trade normally passes through Hormuz. Fitch raised its 2026 ammonia and urea forecasts by around a quarter and warned [[nitrogen]] fertilizers would be the hardest hit of any product category.
The price response was violent. Urea climbed above $850 per metric ton in April 2026 — up around 80% from February and the highest level since 2022. World urea prices roughly doubled at the peak. Ammonia jumped nearly 40% in weeks, and about 24% of all global ammonia trade normally passes through Hormuz. Fitch raised its 2026 ammonia and urea forecasts by around a quarter and warned [[nitrogen]] fertilizers would be the hardest hit of any product category.