WSJ:

The world faces a food crisis due to the closure of the Strait of Hormuz. Approximately 1/3 of global fertilizer supplies pass through the Strait of Hormuz, but due to shipping disruptions, the available production and supply capacity has already decreased by almost 40% – 2.7 million tons have been removed from the market.

"People are mainly looking at this through the lens of the US-Iran confrontation, which is, in a sense, theatrical and overshadows everything else. But the story that could really be devastating is the story of fertilizers," said John Denton, Secretary General of the International Chamber of Commerce.

If movement through the strait cannot be normalized, prices for basic foodstuffs will rise sharply, and grain prices could increase by up to 80%, the publication emphasizes.
Developing countries, which are heavily reliant on fertilizer imports, will be the first to feel the consequences.