S&P Global warned that the energy shock around the Strait of Hormuz could turn into a global food crisis, with pricier diesel and fertilizer, strong biofuel demand and El Niño pressing on world agriculture, OilPrice reported.

The International Monetary Fund (IMF) projects fertilizer prices up 10 percent by the end of 2026, adding 5 percent to food costs this year and another 2.4 percent in 2027. According to OilPrice, even if the strait stays open, Gulf gas output would need months or years to recover, leaving the poorest countries, where food takes about half of household spending, most exposed.