The world has never seen an interruption on this scale to the supply of stuff. It easily surpasses the 1979 oil crisis, sparked by the Iranian revolution, in which crude oil production declined by 4 percent. Forty-seven years later, Hormuz is the passageway for one fifth of the world's crude oil and one fifth of its liquefied natural gas. It's also the transit point for a third of exported urea—a feedstock used for making fertilizer which grows the food for an estimated half of the world's population.
7mo ago