Fertilizers

Global fertilizer prices are up 22.57% since before the Middle East war began on February 28—building on an initial 7.5% rise through early March—according to Bloomberg's Green Markets index. The Strait of Hormuz closure disrupts 45% of world fertilizer trade. Colombia's farmers face escalating costs, prompting a government subsidy.

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The closure of the Strait of Ormuz amid the US-Iran conflict has driven a 7.5% rise in global fertilizer prices over the past week, with urea surging 24%. Colombia, reliant on imports for most of these inputs, faces potential effects on its agricultural sector. Experts warn this could increase production costs for crops.