May 10 (Asia Today) -- Supply chain disruptions caused by the Iran war are spreading beyond oil markets into global food and chemical industries, as shipping through the Strait of Hormuz remains heavily restricted, according to reports Friday from Bloomberg, The Washington Post and The Wall Street Journal.
Global oil inventories declined by roughly 4.8 million barrels per day between March 1 and April 25, while disruptions have affected about 30% of global urea supplies, triggering planting cutbacks in Thailand, the Philippines, Bangladesh and Australia, the reports said.
The United Nations Food and Agriculture Organization warned that if shipping routes are not restored before India and Brazil begin major fertilizer purchases in June, the world could face crop losses and food inflation comparable to the economic shock seen during the COVID-19 pandemic.
Global oil inventories fall at record pace
According to estimates from Morgan Stanley, worldwide oil inventories have been falling at a pace well above previous quarterly records tracked by the International Energy Agency.
