Disruption to energy flows through the Strait of Hormuz is exacerbating the risk of a global food shock, as higher gas prices squeeze fertiliser production and other sectors outbid agricultural producers for key inputs and logistics, traders have warned.
The narrow Gulf waterway handles roughly a fifth of global oil and liquefied natural gas exports and about a third of the seaborne fertiliser trade, making it a critical artery for food production as well as energy markets.
“We are on borrowed time,” said Pablo Galante Escobar, head of LNG at Vitol, speaking at the FT Commodities Summit in Lausanne on Tuesday.
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