The Iran conflict has resulted in the effective closure of the Strait of Hormuz, affecting a wide range of commodities including nitrogen-based fertilizer urea. The price of urea has risen by over 34% over the past month and 57.0% from the previous year. A prediction market on Myriad, owned by Decrypt's parent company, is tracking a near-term urea threshold: whether the benchmark is above $610 on March 25. The conflict has also disrupted the supply chains of around 16 million tonnes of fertilizers, a third of global seaborne trade. The volatility has led to price swings in Bitcoin, which have seen a surge of $75,000.