The conflict between the U.S. and Iran intensified overnight with the United States hitting two Iranian targets along the Strait of Hormuz. The attacks were in response to Iran’s downing of an American MQ-1 Reaper drone. Iran’s Islamic Revolutionary Guard Corps said it targeted an airbase used by the U.S. in response to the attack on southern Iran, without identifying the location of the base. Despite this latest skirmish, the two sides are negotiating an extended ceasefire and the opening of the Strait of Hormuz. Agriculture continues to closely monitor the situation because disruptions in this key shipping lane have contributed to higher fuel prices and raised concerns about fertilizer supplies and transportation costs. Crude oil prices moved higher this morning.
