From BBC News.

The US-Israel war with Iran continues to create turbulence for the global economy. The head of the International Energy Agency has said the world is facing a worse crisis than the oil shock of the 1970s and the fallout from the Ukraine war combined.

It’s not just a problem of fuel supply — it’s the uncertainty of what will happen to the cargos of ships that can’t make the journey through the Strait of Hormuz.

Iran’s effective blockade of the Strait has led to higher costs for fuel and fertiliser, both crucial elements of food production. About a third of all fertilizer shipped globally goes through the waterway from Gulf states, and there are now warnings about the impact on global supplies and food prices.

Farmers say that they will have to pass on the higher costs of growing to consumers, making groceries more expensive. Plus, planting seasons are being missed. The United Nations has warned that an additional 45 million people could face acute hunger if the war lasts through June.

We speak to Michelle Fleury, the BBC’s business correspondent in New York.

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