The conflict between the U.S. and Iran is severely impacting several key supply chains. While oil supply disruptions have dominated recent headlines, the effects of the conflict extend far beyond energy markets. In addition to oil, the hostilities have disrupted the flow of other essential raw materials and commodities, including helium, pharmaceuticals, and fertilizer. "The Strait of Hormuz is not only a critical choke point for global energy but also vital for the transport of other bulk commodities," analysts at UBS recently cautioned clients. They explained that "any prolonged disruption would affect not only energy prices but also food prices and industrial production." The following are some globally significant commodities affected by the war:

Helium The conflict has dealt a heavy blow to the global helium supply, which is widely used in high-end AI hardware and healthcare. Following Israeli strikes on Iranian gas fields, Iran attacked an LNG facility in Qatar. This facility accounts for nearly one-fifth of global LNG trade and is also a major source of global helium supply, as helium is a byproduct of the LNG processing. According to the U.S. Geological Survey, Qatar is one of the world's largest helium producers, second only to the United States, and is projected to supply over one-third of global helium by 2025. UBS noted that helium is "a critical input for semiconductors, industrial manufacturing, and medical imaging equipment." The timing of this helium supply disruption is particularly unfortunate, coinciding with major tech companies aggressively building out AI infrastructure. Research from the independent firm The Kobeissi Letter found: "The market is currently losing approximately 5.2 million cubic meters of helium per month. There is virtually no spare global capacity because helium evaporates during storage and must reach end-users within about 45 days." The research also indicated that helium prices have already doubled due to the supply shock, and could surge another 25% to 50% if the disruption continues.

Pharmaceuticals Disruptions to commercial shipping caused by the Iran conflict are harming global pharmaceutical trade. Perishable drugs with short shelf lives are the most severely affected, as shipping delays compromise their quality. The conflict has halted operations at key air cargo hubs in the Middle East (Dubai, Doha), obstructing roughly 20% of global air-shipped pharmaceuticals and further severing rapid resupply routes for critical medicines. Industry executives have stated that the Middle East war is disrupting the shipment of essential drugs to the Gulf region, endangering supply routes for cancer medications and other treatments that require refrigeration. According to Think Global Health, an online platform focused on global health issues under the Council on Foreign Relations, the affected drugs include vaccines, insulin, biologics, and cancer treatments. The think tank suggested that, thanks to inventory buffers, most countries face a low risk of drug shortages in the short term. However, pharmaceutical companies may pass on the associated costs to consumers. The duration of the conflict will determine the severity of its impact on the pharmaceutical industry.

Fertilizer The stagnation of shipping through the Strait of Hormuz is also affecting the flow of fertilizer products, which are crucial for the agricultural industry. The United Nations estimates that approximately one-third of the world's seaborne fertilizer passes through the Strait of Hormuz. As the conflict continues, fertilizer prices have surged, raising production costs for farmers during the spring planting season. Consumers may face rising food prices as a result. An industry advocacy group has warned that the fertilizer supply shock comes alongside rising energy costs and farmers' already record-high input costs. At a time when purchasing power is already a key concern, consumers are likely to feel the impact of this supply shock through higher prices at grocery stores and restaurants.