Overview
- United Nations chief Antonio Guterres warned that up to 45 million people could face famine if the Strait of Hormuz does not reopen within months.
- Analysts report China is curbing exports of sulphur and sulphuric acid used to make phosphate fertilisers, a move not officially confirmed that could strip millions of tonnes from seaborne supply and hit Asia hardest.
- Oil prices have jumped more than 50% since the strait’s closure, yet earnings diverged as BP and TotalEnergies posted gains while Exxon and Chevron reported drops due to disrupted flows and hedging losses, ABC News reported.
- ExxonMobil CEO Darren Woods said current prices may not reflect the full shock because inventories are masking shortages and warned it could take one to two months to normalise even after a reopening.
- Costs are already biting households and farms, with UK advisers citing a more than 50% leap in red diesel and sharp fertiliser increases as some growers switch away from nitrogen‑hungry crops, while Yara warned of up to 10 billion meals lost each week if fertiliser shortages persist.