Strait of Hormuz closure may trigger 'severe' food price crisis: FAO

The Strait of Hormuz closure could trigger a “severe” global food price crisis in the next six to 12 months, the UN Food and Agriculture Organization said in a statement May 20. The Strait of Hormuz, a critical artery for global energy and fertilizer trade, handles about 30% of global urea exports and significant volumes of ammonia and phosphates, making it a key chokepoint for agriculturalThe Strait of Hormuz closure could trigger a “severe” global food price crisis in the next six to 12 months, the UN Food and Agriculture Organization said in a statement May 20. The Strait of Hormuz, a critical artery for global energy and fertilizer trade, handles about 30% of global urea exports and significant volumes of ammonia and phosphates, making it a key chokepoint for agriculturalRead More