This is a follow-up to my previous piece on the economic effects of the Persian Gulf sulfur and urea cutoff. In that piece I argued that the public conversation about the Strait of Hormuz has fixated on crude oil and ignored the other commodities the Gulf supplies: LNG, urea, sulfur and helium. Having covered sulfur and urea, I now take up the remaining two, liquefied natural gas and helium, and follows the damage outward in three rings: the countries that lost supply directly, the industries and exports in those countries that depend on it, and the customers and economies further down the chain.
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