March 5, 2026:
The now closed Strait of Hormuz (hor-MOOZ) moves about 20 million barrels of crude oil and petroleum products daily, totaling about 20 percent of global demand.
DTN reports that fertilizer exports also move through the Strait, including about a quarter of the globally traded nitrogen market.
Politico said the White House will offer naval escorts and political risk insurance for oil and gas tankers traveling through the Strait of Hormuz in a bid to slow down a surge in energy prices after Iran warned it will attack ships at a choke point in the Strait.
“The announcement brought some immediate relief to the overheated crude oil market,” Politico reported.
In a Truth Social post, President Trump said he’s ordered the U.S. Development Finance Corporation to provide risk insurance and guarantees for the financial security of all maritime trade, especially energy.
“If necessary, the U.S. Navy will begin escorting tankers through the Strait of Hormuz,” Trump added.
March 4, 2026:
About 180 million metric tons of fertilizers are consumed each year, and Forbes said roughly 55 to 60 million metric tons of urea move through international seaborne trade annually. The Middle East accounts for approximately 40 to 50 percent of that traded volume, and nearly all of those exports have to travel through the Strait of Hormuz (hor-MOOZ).
“In other words, close to one-quarter of the globally traded nitrogen fertilizer, and a meaningful share of total nitrogen production, moves through a single maritime choke point that is now threatened by war,” Forbes said. The Associated Press reported that oil prices rose on Monday (March 2, 2026) as disrupted tanker traffic through the Strait raised more uncertainty about how U.S. and Israeli attacks on Iran would impact the supply of oil to the world’s economy.
“Unlike oil, fertilizer markets lack a strategic buffer against shipping delays,” Forbes added.
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