Exports of natural gas dropped by a staggering 95 per cent. Critical maritime corridorThe Strait, located south of Iran, is responsible for around one quarter of global seaborne oil trade and a significant share of liquefied natural gas flows and fertilizers, including a third of globally traded urea. Since the military escalation in late February, reduced commercial passage, concerns over navigational safety and higher transport and insurance costs have affected trade flows far beyond the region. Strategic products examinedThe analysis focuses on 12 strategically important energy, fertilizer and industrial products for which Hormuz-dependent economies are important global suppliers. Combined export volumes declined by 54 per cent, with liquified natural gas recording the steepest contraction, 95 per cent.