Global concern dominates the crisis in Iran: oil. The Strait of Hormuz blocked by Tehran since February 28th, is a key passage for 20% of global oil and petroleum product sales (approximately 20 million barrels per day) by 2025, according to the International Energy Agency (IEA). The first week saw a 90% drop in tanker traffic through the strait, as reported by Kpler. Minister of Economy Roland Lescure described it as a “oil shock.”
However, experts note that the economic analysis is incomplete. Behind the visible energy shock lies a broader and potentially more structuring resource crisis affecting essential raw materials for the modern economy.
The Sulfur Suffering
The blockage of the strait impacts not just hydrocarbons but also critical flows for the global industry. Approximately 41% of global sulfur exports pass through this strategic route, crucial for many industrial chains.
Sulfur is essential in producing sulfuric acid used in copper purification, which represents 16% of global production. Copper is vital in electrical wiring, motors, and extracting nickel, zinc, and cobalt, crucial for lithium-ion batteries.
Sulfuric acid is central in printed circuit manufacturing. Without sulfur, the entire microelectronics industry is at risk, with prices already rising by 30 to 50% since the strikes began against Iran.
In the defense sector, the immediate consequences affect drone production, crucial for countries like Ukraine, and their components’ availability essential for mass production now threatened by rising costs.
The Deflating Helium Market
Sulfur is just part of the problem. Another crisis, less visible, hits helium – vital for advanced technologies. Helium is necessary for cooling semiconductor manufacturing units, MRI scanners, NASA space tech, and various military applications.
About a third of the global supply comes from Qatar, where natural gas exports are blocked, squeezing the global supply sharply. Helium, unlike other resources, cannot be produced on demand, is rare, hard to store, and reliant on natural gas exploitation.
Tensions rise as prices more than double in the spot market, with suppliers announcing volume cuts and surcharges. Countries heavily reliant on helium, like South Korea and Taiwan, urgently seek alternatives.
Cliff Cain from Pulsar, an helium exploration firm, warns of a “black swan event,” predicting increasing competition for helium molecules.
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