Global markets have reacted sharply to the strikes by the US and Israel on Iran and the restrictions on shipping in the Strait of Hormuz, through which approximately 20% of the world's oil supplies pass. However, this war will not only affect oil. Analysts from Latifundist.com have been examining how the situation in the Middle East could impact the Ukrainian market for corn and nitrogen fertilizers. The Strait of Hormuz is a narrow sea corridor between Iran and Oman, through which approximately 20% of global sea oil shipments and about 20% of global LNG shipments pass. This is a key route for the export of energy resources from Saudi Arabia, Qatar, the UAE, Kuwait, and Iraq, so any risks to shipping significantly affect oil quotations, insurance rates, and freight costs. After the first strikes, some major oil companies and traders suspended transportation through the Strait of Hormuz, in particular, Maersk announced a review of shipping routes in the region. According to Reuters, leading marine insurers have been canceling coverage of military operations since March 5.