Fertilizer prices have surged 44% since the Iran war escalation began, threatening global food prices in the third major fertilizer shock in six years.

The European Union will release emergency funds to help farmers deal with soaring fertiliser costs caused by the Iran war, under plans to support the sector unveiled Tuesday.

It was a one-two punch for farmers already facing higher costs because of the war in Ukraine.

Fertilizer prices have surged 44% since the Iran war escalation began, threatening global food prices in the third major fertilizer shock in six years.