The Strait of Hormuz closure has created shortages of key ingredients in the production of plastics and plastic products. Petrochemical producers in China, Taiwan, Thailand, Indonesia, and other industrial powerhouses have declared force majeure, and some have scaled back production as they’ve run short of crucial ingredients such as naphtha, a crude-oil derivative.

Brent futures settled above $101 a barrel in New York, the highest in two weeks. US President Donald Trump extended a ceasefire with Iran indefinitely, but also maintained a naval blockade on ships going to and from Iran's ports to pile pressure on its government. Iran fired on a cargo vessel and a container ship in the Strait of Hormuz Wednesday.

Rising fertiliser and fuel costs are making it uneconomical to grow crops in England this year. Central Association of Agricultural Valuers has asked the government to put in place a time-limited soil resilience scheme to pay farmers to plant legumes in order to fix nitrogen in the soil and improve it for when it can be sown again. Experts discuss the dilemma facing Bank of England policymakers in the coming months with inflation likely to continue rising.

Jake Scott is the chief operating officer of Easterly Clear Ocean. The company has nine chemical tankers and two offshore construction vessels. 235 vessels are en route to fill up with U.S. energy. Gasoline prices went from $3 to $4 a barrel and oil prices doubled from $50 to $100 a barrel.