It’s not just oil. War with Iran is also making a range of chemicals critical for food production more expensive, including fertilizer components like urea and ammonia, Bloomberg reports.

The Middle East is the source of some 45% of the global urea supplies, which cannot be stored for long periods.

That means logistical disruptions such as the shutdown of the Strait of Hormuz can quickly tighten the market and send prices soaring.

Western sanctions have curtailed imports of Russian fertilizers, while China has imposed export restrictions to protect domestic demand and support its farming sector, the news agency said. 

Saudi Arabia’s ambition to build the world’s biggest urban park has received a $3.8 billion vote of confidence from foreign investors.

The King Salman Park Foundation said on Tuesday that the new funds raise the total investment in the Riyadh mega-project to more than $5.3 billion.

The development, launched in 2019 under Saudi Crown Prince Mohammed bin Salman’s Vision 2030 economic overhaul plan, calls for construction of offices, homes, hotels, schools and shopping centers within the 17 square-kilometer (6.6 square-mile) metropolitan oasis, along with the planting of more than 1 million trees.

“Securing investment of this scale, supported by international capital and expertise, is an important milestone,” the foundation’s CEO George Tanasijevich said. 

About 1,000 vessels carrying roughly 20,000 crew members are unable to pass through the Strait of Hormuz amid fears of Iranian attacks, cutting traffic by nearly 90%.

The International Maritime Organization says many of the ships are idling near the narrow waterway, while 2,474 vessels, including 178 oil tankers, have remained in the Gulf waters since March 5.

IMO Secretary-General Arsenio Dominguez expressed “grave concern” after recent attacks killed at least seven seafarers and called on operators to exercise “maximum caution.”

Roughly 20% of the world’s oil is transported through the Strait of Hormuz.

Saudi Aramco CEO Amin Nasser warned that the global energy industry is headed for disaster if conflict with Iran continues and the Strait of Hormuz is shut down.

“There would be catastrophic consequences for the world’s oil markets,” Nasser told reporters on an earnings call today after Aramco reported a 12% drop in 2025 annual profit. “The longer the disruption goes on,” he said, “the more drastic the consequences for the global economy.”

To protect its oil tankers from the threat of Iranian attacks, Aramco has stopped loading crude from Gulf terminals and is redirecting shipments through its East-West pipeline to the Red Sea port of Yanbu, Reuters reports.

The conflict briefly pushed Brent crude to a near four-year high of $120 a barrel on Monday before retreating to $85 today – which is up from $66 in mid-February. Insurers, shipping companies and airlines are making contingency plans for wider disruptions to global supply chains.

Iranian leaders have said no oil will leave the Middle East if U.S. and Israeli attacks continue, prompting a warning ‌from President Donald Trump that the U.S. would hit Iran ⁠much harder if it continues to block exports through Hormuz.

Saudi Arabia, the UAE, Qatar and other energy producers are raising prices to the highest levels since 2022 as the expanding conflict with Iran rattles global energy markets and disrupts shipping routes in the Gulf.

Brent crude surged during trading to around $119 a barrel, its highest level since mid-2022, amid growing fears that supplies from the Middle East could be cut off.

Natural-gas markets are also tightening as producers halt operations and traders scramble to secure alternative supplies.

The war could leave consumers and businesses worldwide facing months of higher fuel prices even if the conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and elevated risks to shipping, Reuters reports.

The U.S., France and other major consuming countries are discussing releasing strategic reserves while energy companies reassess shipments as the Strait of Hormuz – a key route for global oil and LNG – is effectively shut to normal traffic.

The turmoil is already spreading across global markets, forcing airlines, shipping firms and manufacturers to prepare for prolonged energy disruptions.

The trade pact negotiated last week by the UAE and Japan should strengthen Japanese auto exports by gradually removing tariffs.

The agreement calls for the UAE to eliminate duties on many finished cars from Japan within seven years, easing costs for manufacturers such as Toyota, Nissan and Honda, Nippon reports.

Japanese officials say the deal will help their companies compete more effectively with South Korean automakers, whose country already has a similar trade agreement with the UAE spaced over 10 years.

The UAE has become Japan’s biggest trading partner in the Middle East and Africa, making the Gulf market increasingly important for Japanese car exports.

Qatar transported 75 competition horses and their grooms for safe refuge in Belgium after cancellation of the Longines Global Champions Tour of Doha due to the Iran conflict.

Another 63 horses are scheduled to make the crossing from Qatar to the “Horse Inn” in Liege, Belgium, this week, Equnews reports.

The Belgian facility is a hub for moving high-value sport horses for the Olympics and major tournaments, often in response to geopolitical crises.

Meanwhile, leading European trainers and owners say they will delay decisions on sending horses to the $30 million Dubai World Cup meeting, watching security developments in the Middle East before committing runners to the March 28 event, TDN reports.

Muscat International Airport has turned into a key evacuation hub from the Iran conflict for wealthy Gulf travelers, with a surge in business-jet departures.

Since Feb. 28, more than 90 private jets have departed from the normally quiet Omani airport, Bloomberg reports.

Private jet broker LunaJets received over 800 evacuation requests in 24 hours amid regional panic, arranging two large group flights from Muscat.

Meanwhile, Etihad Airways, Emirates, flydubai and Air Arabia have begun restoring parts of their networks with reduced schedules as regional airspace restrictions ease, warning passengers that some journeys may take longer due to rerouted flight paths.