Global trade in fertilisers, crucial to agriculture harvests worldwide, has slumped 30 per cent since the start of the year, as the Middle East war sent prices soaring and led several countries to restrict exports, AFP reports citing the UN’s Food and Agriculture Organisation.

Prices on average jumped 25pc between February and May, according to FAO data released in its biannual Food Outlook report. As a result, trade volumes fell to 41 million tonnes in the first four months of this year, down from 58 million tonnes in the period last year.

Even if the strait reopens under a deal signed by the US and Iran this week, “recovery across nitrogen, phosphates, and sulphur-linked inputs would be slow and uneven, keeping prices historically elevated”, the FAO warns.