Details and evidence
Strait of Hormuz and supply-chain concerns
Goldman Sachs warned that disruptions to nitrogen fertiliser supply through the Strait of Hormuz could reduce global grain yields, shift planting decisions and potentially lift grain prices, Reuters reported. The report said fertiliser shortages could lead to delayed or suboptimal nitrogen application and encourage farmers to plant less fertiliser-intensive crops such as soybeans.
In the United States, where farmers import up to 50% of urea fertiliser in some years, spring planting could face challenges as supplies remain about 25% below typical levels, according to The Fertiliser Institute. Goldman said nitrogen fertiliser prices—about 20% of grain production costs—have risen 40% since the onset of the conflict.
Oil market contingency planning
International Energy Agency chief Fatih Birol said he is ready to proceed with an additional release of oil reserves “if and when necessary,” after Japan’s Prime Minister Sanae Takaichi asked the agency to prepare for an extra release should the conflict drag on, AFP reported.
Shipping passage and aviation fuel
A Bangchak Corporation-owned Thai oil tanker safely passed through the Strait of Hormuz after diplomatic coordination between Thailand and Iran and was not required to pay to escape the blockade, according to Reuters. Thai foreign minister Sihasak Phuangketkeow said he asked Iran’s ambassador to Thailand to assist in ensuring safe passage for Thai ships and to provide names of vessels transiting.
Philippine Airlines said it has adequate jet fuel supply to support scheduled operations for the foreseeable future, Reuters reported, after Bloomberg cited President Ferdinand Marcos Jr as saying grounding planes due to a jet fuel shortage brought on by the war was a “distinct possibility.”
Official statements from Iran
Iranian state media quoted Ebrahim Zolfaqari, spokesperson for Iran’s armed forces’ unified command (Khatam al-Anbiya Central Headquarters), as saying the United States is “negotiating with itself,” a day after Trump said Tehran wants to make a deal to end the war. Zolfaqari also said US investments and pre-war energy prices would not return unless Washington accepts that regional stability is guaranteed by Iranian armed forces.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said that acclaimed Iranian filmmaker Abbas Kiarostami was also struck in the bombardment of Iran, writing on X that Kiarostami’s home was hit.
Pakistan’s potential role
Masood Khan, a former Pakistani ambassador to the US and UN, told Al Jazeera that Pakistan is uniquely positioned as a mediator, citing what he described as an “equidistant posture” in the current war and Pakistan’s earlier role in advancing diplomatic conversations between Washington and Tehran “last June” at the request of the US.