Oil is a problem. It’s not the only one | CNN Business

Iran’s effective shutdown of the Strait of Hormuz has locked up 20% of the world’s oil. But there’s more to the story. Oil and gasoline have gotten all the headlines in recent weeks for good reason: Surging fuel costs have led to a price shock at the pump – one many commuters and drivers can’t avoid. Meanwhile the stuff we buy at stores gets there by truck, boat or plane, all of which run on diesel that costs significantly more because of rising oil prices. But the locked-down Strait of Hormuz has restricted access to other goods, too. And those could raise prices beyond the gas pump for consumers and businesses, creating an inflation double whammy. Among the first consumer prices to gain will be food costs, particularly perishables like dairy, fruit, vegetables, fish and meat. It’s not clear how much, but you might have already started to notice it a bit. Food prices could start to rise even more in the weeks and months ahead because of another crucial cost: fertilizer. The Middle East is a major source of urea, a form of crystalized nitrogen that is used in most fertilizers throughout the world. About 35% of the world’s urea and more than 20% of the globe’s fertil