War on Iran threatens Asia’s food supply as fertiliser prices surge

A recent Iranian missile strike on a Qatari gas plant has triggered a surge in fertilizer prices across Asia, threatening the region's food supply. The attack, which occurred on March 1st and halted production at QatarEnergy's LNG facility, disrupted the production of ammonia, a key component in urea fertilizer. Consequently, urea prices in Southeast Asia have increased by over 40%, reaching levels not seen since the Russia-Ukraine war impacted global supplies in 2022. With the Gulf region responsible for nearly half of global urea exports, the disruption is expected to have a significant impact on agricultural yields and food costs, particularly in countries like Bangladesh that rely on imported fertilizers. The price increase is already affecting shipments scheduled for April and May.

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