Middle East Crisis Reshapes Global Fuel and Fertilizer Markets

Disruptions from the Middle East crisis have significantly impacted global commodity markets. Nigeria's Dangote oil refinery has emerged as a key fuel supplier to Europe, filling a quarter of the continent's diesel and jet fuel shortfall after the Strait of Hormuz was affected. Simultaneously, fears of a global food crisis due to choked fertilizer supplies have been blunted by new exporters, including Egypt and Nigeria, which have substantially increased their urea exports, though rising prices remain a concern for poorer nations.