Urea jumped from $490 to $700. A third of global fertiliser trade transits Hormuz. There are no strategic reserves. It is planting season. The supply is not arriving.
Vietnam has under 20 days of fuel reserves. The Philippines sources 96% of its oil from the Gulf. Brent is above $100 and the Strait is still closed. Here's the regional damage in numbers.
Oil drops 2% as US-Iran nuclear talks open in Geneva with $10/bbl of geopolitical premium at stake and the White House signalling a strike this weekend.