The blocking of the Strait of Hormuz will cause an enormous increase in the price of energy, oil, and gas, with knock-on impacts on food and fertilizer prices.

A near-total shutoff of oil and gas out of the Middle East has occurred due to the Iran War.

The Strait of Hormuz is crucial for global trade, carrying one-fifth of the world's oil and gas, and essential chemicals for food production and microchips.

Essential components for fertilizer, such as phosphorus, come through the Persian Gulf, and fertilizer shortages are already occurring in Asia.

Iran has been threatening to cut off the supply of oil through the Strait of Hormuz region.

Iran has blocked the Strait of Hormuz, a critical passage for a large amount of the world's oil and gas.