Iran-linked escalation puts Gulf shipping and energy at risk

Brent was reported down more than 13% for the week on hopes of diplomacy, but constrained Hormuz flows and near-record vessel incidents conflict with claims of normalized shipments. A fertilizer executive estimates about 30% of global urea exports transit the waterway, widening potential supply risks, though shortages and food-price effects are not established; Iran’s demands remain obstacles and no breakthrough is confirmed.