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THE WHOLE WORLD WILL PAY FOR THE WAR IN IRAN: Food, medicines, fertilizers and cosmetics are becoming more expensive due to the blockade of the Strait of Hormuz!

by Serbian Times18. March 2026.18. March 2026.

The closure of the Strait of Hormuz has caused a drastic disruption in the global energy and petrochemical markets, driving up oil and gas prices and threatening the supply of key raw materials for everyday products, the portal “BFM TV” reported.

In just a few days, oil prices have jumped by nearly 40 percent, and gas prices by around 50 percent.

European chemical producers could spend billions of euros more on energy if the situation continues, warned Berenberg Bank.

The closure of this important trade route particularly affects Asia, where oil is used in facilities producing ethylene, propylene and other petrochemical components used in plastics, textiles, synthetic rubber, paints, perfumes, and even medicines.

“Not even in 2022 was it this brutal,” said an industry representative, stressing that the sudden supply disruption is raising fears of price increases for consumers worldwide.

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In Asia, companies in Singapore, South Korea, Thailand and Indonesia have already declared force majeure and reduced olefin production due to raw material shortages.

Analysts point out that Europe has not been spared either — “LyondellBasell” has suspended part of its contracts while the supply disruption lasts.

Experts warn that the effects of the crisis will soon hit consumers through rising prices of packaging, cosmetics and medicines.

Risks are also increasing for chemical producers in Germany.

Petrochemicals are an “invisible ingredient” in every food product, so every increase in oil and gas prices directly hits your wallet through a chain reaction of rising food production costs.

From mineral fertilizers and crop protection without which there is no planting, through plastic packaging that preserves product freshness, to preservatives and transportation on synthetic rubber — every step depends on the chemical industry.

When this sector is left without raw materials or when they become drastically more expensive, food producers do not bear the cost alone, but pass it directly on to consumers through higher prices on store shelves.