Ottawa, ON (Rural Roots Canada) – As the conflict in Iran continues, Fertilizer Canada says it’s monitoring the evolving situation and its impact on global fertilizer markets.
About one-third of the global fertilizer trade passes through the Strait of Hormuz annually. With the partial closing of the Strait due to the ongoing conflict, oil prices have skyrocketed, and the prices of several fertilizer products have also increased considerably.
In a statement to Rural Roots Canada, Fertilizer Canada President and CEO, Michael Bourque, says the ongoing instability in the region “has the potential to disrupt global trade flows, particularly through key corridors such as the Strait of Hormuz, which plays a central role in the movement of energy, fertilizer and many other goods.”
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