Yara’s Svein Tore Holsether says it would be ‘catastrophic’ if the strait of Hormuz was closed for a year

The boss of one of the world’s largest fertiliser companies has said global food supplies could be badly damaged this year if the Iran war becomes an extended conflict.

Svein Tore Holsether, the chief executive of Norway’s Yara International, has called on global leaders to consider the impact that soaring food prices will have in some of the world’s poorest countries “before it is too late”.