Since the beginning of the conflict, the price of urea, a key source of nitrogen used in agriculture, has surged by about 25%, similarly dramatic to the spike in crude oil prices.
Shipping in the crucial Strait of Hormuz, the only sea passage from the oil-rich Persian Gulf to the open ocean, has come to a virtual standstill, sparking a global oil price rise of about 10%.
Despite backing from prominent conservative figures, including former prime minister Tony Abbott and media commentator Peta Credlin, Deeming was unable to hold off the challenge.
At 35, Balen Shah is the youngest person ever to serve as prime minister in Nepal’s history. His government is characterized by a remarkably youthful leadership, with 10 out of the 15 ministers under 40 years of age, making it one of the youngest cabinets in the world.