Hormuz Reopening May Not Halt Iran War’s Impact on Global Food Prices, Bloomberg Reports (opens original article in a new tab)

Bloomberg reports that the reopening of the Strait of Hormuz may not immediately ease global food price pressures due to ongoing supply chain disruptions from the Iran war, with fertilizer shortages, rising fuel costs, and increased freight rates affecting the entire food supply chain.

• Strait of Hormuz reopening may not immediately ease global food price pressures
• Fertilizer shipments through Hormuz dropped from 600,000 to 60,000 tonnes per week
• Dry-bulk freight rates increased 22% since war began
• 82% of UK food and drink businesses expect price increases