NEW YORK, May 10. /TASS/. The Middle East conflict developments had a negative impact on global sulfuric acid supplies and contributed to its higher prices, The Wall Street Journal reported.
According to the US-based daily, "Sulfuric acid is used to produce phosphate fertilizers, leach copper and other metals from rock, pulp wood, pickle steel, tan leather and vulcanize rubber."
"A large chunk of the world’s sulfur comes from Persian Gulf oil refineries and gas plants and has been choked off at the Strait [of Hormuz]," the daily continued.
Another factor contributing to the aggravation of the problem, according to the daily, was China's decision to impose restrictions on the export of sulfuric acid.
WSJ cited Director at Acuity Commodities Freda Gordon, who is an expert in sulfur markets, as saying that the threat to fertilizer markets and food supply has prompted China, which is the world’s biggest sulfur producer, "to restrict exports this month, boosting prices and further straining availability."
The United States and Israel launched a military operation against Iran on February 28. Tehran decided to close the Strait of Hormuz to ships associated with the US, Israel and countries that backed the aggression against Iran. On April 7, Washington announced a "double-sided" two-week ceasefire with Iran.
On April 11, the parties held several rounds of talks in the Pakistani capital of Islamabad. According to both Tehran and Washington, they were unable to reach a long-term settlement to the conflict due to multiple disagreements.
On April 21, US President Donald Trump announced that Washington intended to extend the ceasefire with Iran, which was set to expire in a few hours. The Iranian State Television announced later that Tehran did not intend to recognize the unilateral extension of the ceasefire announced by Washington and would act in line with its interests.