New U.S. sanctions against Iranian exports of metals and other products, combined with a widening reluctance of commodity shippers such as Petrobras to navigate the Straits of Hormuz may make life more complex for the Brazilian economy. While the Middle East only represents 1.0% of Brazil’s oil imports, in fertilizers the figure was 8.1% in the 12 months to Oct. 31. That follows a 21.6% year over year drop in fertilizer imports from the region resulting from earlier disruptions in the region. Yara is more exposed than the average to fertilizer imports to Brazil from the gulf region at 15...