This week, one story dominated commodity markets — and it started in a narrow stretch of water between Iran and Oman.

The Strait of Hormuz, which handles roughly 35% of global seaborne crude oil trade, became the epicenter of the biggest commodity shock of 2026. In this episode of The Commodity Brief Podcast, we connect the dots between the Strait's disruption and the cascading price moves across oil, fertilizer, natural gas, and agricultural markets that followed.

The numbers are staggering. Energy prices are projected to surge 24% in 2026. Urea fertilizer prices climbed 80% since February, hitting their highest level since 2022. And the World Bank is warning that up to 45 million more people could face acute food insecurity if disruptions persist. This isn't just a geopolitical story — it's a commodity investor's story.

We also cover Kalshi's expanding event contracts and what they mean as a new hedging tool in exactly this kind of volatile commodity environment.

What we cover:

• How the Strait of Hormuz closure triggered a cascade across oil, fertilizer, and food markets
• Why urea prices surged 80% since February and what it means for farmers and food prices
• The World Bank's warning: 45 million people at risk of food insecurity if disruptions persist
• Kalshi's event contracts as a new way to hedge commodity volatility
• What commodity investors should actually do with this information right now

The Commodity Brief Podcast — Weekly intelligence on alternative assets and commodities.