A disruption in the Strait of Hormuz is moving beyond energy markets and into global food supply chains, with global brokerage firm Goldman Sachs warning that fertiliser shortages and higher production costs are likely to feed into grain prices. In a report dated March 24, 2026, the firm said nitrogen fertiliser prices have already risen 40% since the start of the Middle East conflict, and the knock-on effects are likely to intensify. While higher input costs may lift food prices modestly in the near term, Goldman Sachs said the bigger risk comes from reduced crop output, which could drive a more sustained increase in global grain prices.