Iran: The Latest ‘A full spectrum crisis’: how the Iran war went global
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Mar 27, 2026 Ambrose Evans-Pritchard, The Telegraph’s world economy editor, maps the global fallout of the Iran war. He outlines threats to oil, fertilizer and other Gulf feedstocks. Short supply chains, soaring prices and risks to global food security are highlighted. He also examines how Russia and China stand to gain and the peril of wider naval disruptions.
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Starlink Enabled The Drone Boat Revolution
- Starlink was the key enabler for Ukrainian drone boats, providing the range and control that previous radio systems couldn't.
- Ambrose recounts NATO exercises where GARC craft were trialled after Ukrainian innovations proved effective.
Full Spectrum Commodity Shock From The Gulf
- The Iran war is a full‑spectrum commodity crisis, not just an oil shock.
- Fertiliser, sulphur, helium and petrochemical feedstocks from the Gulf are disrupted, threatening planting seasons and chip production.
Nitrogen Fertiliser Supply Already Severely Disrupted
- Around 45% of the world's nitrogen fertiliser supply is currently disrupted because Gulf exports and Chinese/Russian curbs have tightened flows.
- Fertiliser is a just‑in‑time supply with no global stockpile, so missed spring planting will cut yields months later.