Why is urea the real ‘silent shock’ of the Iran war? The Iran war isn’t just pushing oil and gold higher—it’s quietly jolting fertiliser markets, especially urea, the most common nitrogen fertiliser. While headlines scream about crude prices, the hidden pressure is on nitrogen‑based nutrients that farmers must apply every season. Most of the world’s seaborne fertiliser trade passes through the Strait of Hormuz, where roughly one‑third of global nitrogen fertiliser exports are