Crude Capitalism: Trump's War on Iran Disrupts Global Systems, from Agriculture to Oil to Shipping
March 26, 2026
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18:28Now PlayingCrude Capitalism: Trump's War on Iran Disrupts Global Systems, from Agriculture to Oil to Shipping
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The U.S. is threatening to intensify its bombardment of Iran as the country's leadership rejects a 15-point U.S. proposal to end the war. Iran has issued a number of demands, including recognition of its sovereignty over the Strait of Hormuz. Since the war began, Iran has largely blocked ships from passing through the critical strait, causing a global crisis as the prices of oil, natural gas and fertilizer soar.
"We're not just talking about potential spikes in food prices … but also potentially key shortages in the commodities that are necessary to produce food, like fertilizers," says Adam Hanieh, director of the SOAS Middle East Institute at the University of London. "Many of the countries that are going to be most potentially impacted by this are already in conditions of famine or near famine."
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