Everyone is focused on oil prices. A new Morgan Stanley report shows the real supply chain threat nobody is talking about. The Middle East controls 45% of global sulphur, the key input for fertilizer production. It also controls 22% of urea, ammonia, and diammonium phosphate, the nutrients that feed global crop yields. These supply chains are now under direct fire from active warfare. This isn't the 2022 fertilizer crisis where sanctions slowly squeezed supply. This is missiles hitting infrastructure in real time. Nine critical commodities, from crude oil (34%) to helium (33%) to aluminum (24%), all running through a warzone. The food price shock is coming.