Strait of Hormuz closure to cause major market upheaval - Dmitriev

Сlosing the Strait of Hormuz would lead to major disruptions in the global fertilizer and agricultural markets, Russian President’s Special Representative for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said.

Citing statistical data, he said that a significant share of global flows of key components for fertilizer production passes through this route.

"The fertilizer and therefore agriculture markets are heavily affected by the Strait of Hormuz," Kirill Dmitriev said.

The RDIF chief stressed that possible disruptions to shipping in the strait’s waters could have significant consequences for commodity markets and put pressure on the global agricultural sector.

Shipping giants have suspended operations through the strategically vital Strait of Hormuz following U.S. and Israeli strikes on Iran. Tanker rates and insurance are increasing.