Momentum

Markets are delusional we’ve already lost: - ~30% of fertilizers - ~20% of LNG - ~14% of oil - ~30% of helium Any one of these on its own would be enough to trigger a crisis. Together, they form a systemic shock that risks pulling the global economy into a serious recession. Because these aren’t isolated commodities.... they sit at the core of entire production chains: Petrochemicals -> fertilizer -> food production Petrochemicals -> mining (copper, uranium, nickel) Petrochemicals -> plastics -> cars, electronics Petrochemicals -> drugs, rubber, textiles Helium -> semiconductors / AI chips Gas -> power generation Diesel -> transportation So this isn’t just an energy problem... it’s a full-spectrum supply shock hitting food, industry, tech, transportation and power at the same time. Without flows from Hormuz, the system doesn’t just slow down, it starts to break. And there is no policy tool that can replace missing physical supply.