The US is facing a supply shock due to the ongoing war with Iran, which has threatened the world's supplies of aluminum, plastics, and rubber. Major petrochemical producers, including South Korea’s Yeochun and PCS in Singapore, have declared “force majeure” which means they are unable to meet their commitments to customers. Other companies are also running out of plastic packaging for their products. The S&P 500's global supply shortages indicator, a key measure of major companies' reports of supply constraints, has risen above its long-term average for the first time in three years. However, the longer the Strait of Hormuz remains closed, it will make it harder for the United States to avoid similar issues. The oil and gas industry expects widespread shortages if the strait remains closed.