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The effective closure of the Straits of Hormuz by Iran in the wake of US and Israeli attacks has sent shockwaves through all markets, but sulphur has been particularly badly affected. While the Straits carry 22% of global phosphate exports and 35% of urea, for sulphur around 45% of the 39 million tonnes transported internationally every year must traverse the narrow waterway, with major suppliers like Abu Dhabi and Saudi Arabia relying upon it for their export cargoes.

• Market sentiment has shifted decisively from bearish to bullish as the conflict in the Middle East has triggers a significant price rally.

Conflict in the Middle East has halted all vessel traffic through the Strait of Hormuz, effectively paralysing a region that accounts for 48% of global seaborne sulphur trade. As a result, the sulphur spot market has ground to a halt, with prices notionally holding unchanged in the $490-515/t f.o.b. range simply due to a lack of activity. No spot offers were reported out of the Middle East.