Various proposals are circulating among diplomats to open the Strait of Hormuz to exports of fertilizer for humanitarian reasons that would be based on a model that has allowed the safe passage of Ukrainian grain amid its war with Russia, WSJ reports

The proposal to open the Strait of Hormuz for fertilizer exports under humanitarian grounds could signal a notable easing of tensions in a critical shipping lane, which would have implications for global commodity flows, particularly in energy and agricultural products. If successful, this could help stabilize pricing in oil and gas markets, benefiting currencies heavily tied to commodities like the USD, while also providing a precedent for broader trade adjustments in conflict situations, like that of Ukrainian grain. The geopolitical landscape remains fluid, so market reactions may vary as negotiations unfold.