SerpApi.Org
Among all commodities, sulfur has increased the most since the start of the Iran War.
Sulfur has emerged as the biggest commodity gainer since the U.S.-Iran conflict erupted, soaring 142% since hostilities began on February 28, according to data from Charlie Bilello, chief market strategist at Creative Planning.
The surge dwarfs gains in other energy commodities, with European natural gas up 97%, heating oil climbing 62%, and WTI crude oil rising just 30% over the same period.
The physical trade disruptions explain much of the price explosion. Over 45% of global seaborne sulfur normally originates from the Persian Gulf and travels through the Strait of Hormuz, where ongoing geopolitical tensions have trapped hundreds of thousands of tonnes in transit, causing spot supplies to plummet and prices to surge past CNY 9,300 per tonne.
The supply crunch has triggered a cascade of policy responses and trade realignments. China, the world's largest sulfur importer, has banned sulfuric acid exports entirely to prioritize domestic agriculture and food security, forcing major importers like Chile, Indonesia, and Saudi Arabia to scramble for alternative supply partnerships with South Korea, Oman, and Canada.
Here is how much other commodities have risen:
