The conflict in the Middle East has negatively affected global supplies of sulfuric acid and contributed to the rise in prices, The Wall Street Journal (WSJ) reported.
The publication notes that sulfuric acid is the most widely used chemical in the world, used in the production of fertilizers and computer chips, wood processing, leather tanning and copper leaching. A significant part of the sulfur supplied to the world market comes from oil refineries in the Persian Gulf countries, and the closure of the Strait of Hormuz has made supplies impossible.
Another factor exacerbating the problem is China's decision to impose restrictions on sulfuric acid exports, WSJ reported. Freda Gordon, director of Acuity Commodities, which monitors sulfur markets, attributes Beijing’s move to concerns about food security and the need to ensure stable fertilizer prices.
The United States and Israel launched a war against Iran on February 28. On April 7, U.S. President Donald Trump announced a two-week ceasefire with the Islamic Republic. On April 11, Tehran and Washington held talks in Islamabad, but the parties failed to reach an agreement on a long-term settlement to the conflict due to a number of disagreements. On April 21, the U.S. president announced his intention to extend the ceasefire with Iran. According to Iranian state television, Tehran does not intend to recognize Washington’s unilateral extension of the ceasefire and will act in accordance with its own interests.