"The effective closure of the Strait of Hormuz has paralyzed tanker movements, leading to a dramatic market response with Brent crude surging to $116.38 per barrel on March 19."
"Skyrocketing gas prices have forced nitrogen fertilizer and urea plants to cut production just before the planting season, putting countries in Asia, Africa, and Latin America at risk of crop losses and famine."
"Turkmenistan holds around 19.5 trillion cubic meters of proven natural gas reserves, primarily in the Galkynysh field, making it the world's fourth-largest holder."
"The war involving Iran has halted most regional exports outside China, leaving Turkmenistan's gas largely locked into existing pipelines."
The Strait of Hormuz's closure has disrupted 20% of global maritime trade and a third of LNG supply amid the US-Israeli conflict with Iran. Israeli air strikes on Iranian gas facilities and Iran's retaliatory attacks have paralyzed tanker movements, causing Brent crude prices to surge to $116.38 per barrel. European natural gas prices have also jumped, leading to production cuts in fertilizer plants and risking crop losses in various regions. Kazakhstan and Turkmenistan's energy reserves are increasingly important for alleviating market pressures.
Read at RadioFreeEurope/RadioLiberty
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