The U.S. and Israel's war with Iran is likely to impact the global economy as tensions escalate around the Strait of Hormuz, a waterway on Iran's southern coast that carries 25% of the world's maritime oil trade and 20% of liquefied natural gas shipments. The disruption will likely impact global economy, with about 33% of world's fertilizers, including sulfur and ammonia, traveling through the strait a key route for alumimum and sugar. This could cause the price of some products such as clothing, cookware, medical equipment, and more. President Trump announced that the United States would offer political risk insurance and guarantees for energy tankers and other ships in the Gulf region. With access to oil restricted, oil prices and gasoline prices have spiked. The impact on farmers is also expected to be significant, as QatarLNG, a subsidiary of Qatar Energy, announced it would cease production of many products following drone strikes on some facilities.