'Very close' to announcement that would lower urea prices: US agriculture secretary

ISTANBUL

The US agriculture secretary said Friday that an announcement will soon be made to lower urea prices, which are nearing $600 amid the closure of the Strait of Hormuz.

Urea prices have surged nearly 34% over the past month, reaching $594, and have climbed about 54% since the start of the year.

The Strait of Hormuz accounts for more than 30% of global urea shipments.

“The president is very aware of these challenges and these issues. We are very close to having an announcement on some solutions on what that looks like,” US Agriculture Secretary Brooke Rollins said.

“We are looking at every potential avenue to keep the fertilizer costs down as these farmers are going into planting season,” she added.

Since Israel and the US launched joint attacks on Iran on Feb. 28, which have so far killed around 1,300 people, including Iran’s then-Supreme Leader Ayatollah Ali Khamenei, hostilities have escalated.

Iran retaliated with drone and missile strikes targeting Israel, Jordan, Iraq and Gulf countries hosting US military assets.

Tehran has also effectively closed the Strait of Hormuz since March 1.