The Iran war is roiling commodities far beyond oil

Many other commodities are stuck, too. The Gulf states, it is rapidly becoming clear, matter for the supply of much more than oil and gas. Their vast hydrocarbon reserves make them ideal locations for firms that process raw materials. It also helps that they are situated between fast-growing Asia and wealthy Europe. And so 22% of the world’s traded urea, 24% of its aluminium, a third of its helium and 45% of its sulphur comes from the region. As drones hit plants and the Hormuz blockade strands exports, such crucial supply chains are experiencing an almighty crunch. Three industries—transportation, manufacturing…