For seven months, the coverage of the war with Iran has been about oil: tanker counts, the price of Brent, how much is left in the Strategic Petroleum Reserve. Hardly anyone outside the fertilizer trade has noticed that the Strait of Hormuz also carries close to half of the world’s seaborne sulfur. Sulfur is not glamorous. It is a byproduct of cleaning sour gas and crude oil, and most Americans could not tell you what it is used for. But turned into sulfuric acid, it is the indispensable ingredient in phosphate fertilizer. Without it, phosphate rock stays rock.
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