Urea Prices Surge Above USD700 for First Time Since 2022
The commodity stood at $701.25 per ton as of 1645GMT, reflecting roughly a 50% increase since the onset of the Iran conflict and a more than 70% rise since the start of this year.
Critical fertilizer ingredients rely heavily on the Hormuz corridor, with about 44% of sulfur, 31% of urea, 18% of ammonia, and 15% of phosphates passing through the region.
The strait is a vital global passage for energy shipments, channeling approximately 20 million barrels of oil daily.
Iran's Islamic Revolutionary Guard Corps announced the closure following US-Israeli strikes on Iran on Feb. 28.
The area has been under heightened alert since the attacks began, which have claimed over 1,340 lives, including then-Supreme Leader Ayatollah Ali Khamenei. Iranian authorities have not provided recent updates on the death toll.
In response, Tehran has launched drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf nations hosting US forces, resulting in casualties, infrastructure damage, and disruptions to global markets and aviation.
President Donald Trump has imposed an 8 pm ET Tuesday deadline (0000GMT Wednesday) for Iran to reopen the Strait of Hormuz, warning that the US will strike critical infrastructure if the deadline is missed.
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