President Donald Trump’s blockade of Iranian ports has taken effect, raising gas prices to 35% higher than before the war, per AAA data. But that’s not the only thing Americans can expect to see increase.
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Essential supplies like fertilizer and helium are expected to skyrocket, driving up food costs and affecting the medical industry, according to Politico. Experts explain what this could mean for your wallet.
Farmers are Facing Pressure
As the war with Iran continues, U.S. farmers face rising fertilizer costs.
“The conflict has disrupted shipping through the Strait of Hormuz — a primary artery supporting global transit of nitrogen-based fertilizers, as well as oil and natural gas (needed to produce fertilizer),” Nicholas Juhle, Greenleaf Trust’s chief investment officer, explained.
While many farmers locked in the fertilizer price for 2026, some did not, and that will cost Americans. Additionally, prices for 2027 were not set, so next year will be tough for farmers, Spectrum News 1 reported.
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The impact hits farmers fast, said Arjan Singh, founder and managing partner of Corporate War Games.
“They either eat the cost, use less (lower yields) or raise prices — that eventually shows up as higher food prices,” Singh noted.
However, it’s important to note that the price increases aren’t only due to geopolitical tensions.
“Weather, pre-existing inventory and commodity price dynamics can amplify or diminish the ultimate impact of higher fertilizer prices on farmers and food prices,” Juhle said.
Why the Price of Helium Is Doubling
The U.S. produces about 44% of the world’s helium, while Qatar accounts for 35%, according to the Energy Policy Research Foundation. That matters because helium is used for a critical aspect of the medical industry.
“Helium supply is fragile and geographically concentrated,” Singh explained. “A disruption tightens supply quickly, pushing prices up and creating availability risks — especially for MRI machines and research labs.”
According to Juhle, the spike in helium cost will “mirror the experience with fertilizer.”
“Lower supply leads to higher prices, which can increase operating costs for hospitals and research facilities and, in some cases, delay non-critical work,” he explained.
Relief Will Not Come Soon
There’s no telling when the Strait of Hormuz will return to normal, but even if it reopens quickly, it will take time for costs to come back down.
According to Singh, “Prices lag because of backlogs, depleted inventories, contract pricing, and lingering risk premiums.” He added, “You’re typically looking at weeks or months, not days.”
There are also issues beyond the inevitable helium shortage and backlog of work that research facilities will have to address, which will keep costs high.
“Production infrastructure in Qatar reportedly sustained significant damage, so even if the ports opened tomorrow, we could face an intermediate to longer-term supply deficit until production facilities are back online,” Juhle said.
The best thing Americans can do is watch their spending and save three to six months of living expenses, per Eric Mangold, certified wealth strategist (CWS) and founder of Argosy Wealth Management.
“Having a fully funded emergency fund is such a vital component of financial health,” he said.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Trump Blocks Iran Ports, Sending Prices Soaring on Oil, Fertilizer and More
