Energy Oil MacroMacro

Fertilizer and food inflation from Strait of Hormuz disruption

April 4, 2026Charlie Bilello

Posts connect Hormuz shipping disruption to fertilizer supply constraints and near term food price inflation, framing it as a second order macro shock beyond crude prices.

Fertilizer prices have moved up to their highest levels since May 2022, rising 52% YoY.
About a third of global fertilizer supply passes through the Strait of Hormuz.
This will drive food price inflation higher in the coming weeks/months.
Charlie Bilello
fertilizerfood inflationshipping chokepoint

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