War squeezes Asian farmers, oil prices

The Iran war is hitting Asia’s economies. A third of the world’s urea fertilizer supply has been “wiped out,” one analyst told The Washington Post, and prices are up 40%. Accordingly, farmers in Southeast Asia are choosing to skip or cut back on planting this season, or lower fertilizer use, likely leading to reduced yields and increased food prices.

The continent faces energy shortages too. Indian Prime Minister Narendra Modi told citizens to curb fuel use by working from home and taking public transport: Until now the government has borne the brunt of price increases, but with state elections over, “Modi can be more realistic about the economic issues,” an analyst told the Financial Times.