# European nitrogen market rallies on gas price hike, Iran conflicts | S&P Global

> European UAN 32% fob Baltic rose $60/mt week over week to $340/mt, and ammonia production costs climbed to about $740/mt as Northwest European gas prices topped Eur60/MWh, the highest since January 2023. Russian sanctions and freight disruptions added to supply constraints across Eastern and Western Europe.

- Date: 2026-03-09 · published 2026-03-09T12:00:00.000Z
- Category: geopolitics · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/20464-european-nitrogen-market-rallies-on-gas-price-hike-iran-conflicts-s-and-p-global
- Commodities: [Urea](https://feedsoft.ai/c/UREA.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher gas and ammonia costs lift the floor under nitrogen fertilizer prices, reinforcing the cost pressure on crop input markets and supporting grain prices through higher production costs.

## Read by commodity

- WTI: neutral
- UREA: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| UREA | 2026-03-03 | [Conflict in Iran Ripples Through Global Fertilizer Markets, Raises Prices Even Higher - AgWeb](https://feedsoft.ai/events/4431-conflict-in-iran-ripples-through-global-fertilizer-markets-raises-prices-even.md) | +10.0% | +19.1% |
| UREA | 2024-03-25 | [Nola urea prices surge on US-Iran conflict \| Latest Market News](https://feedsoft.ai/events/31521-nola-urea-prices-surge-on-us-iran-conflict-latest-market-news.md) | -12.7% | -19.2% |
| UREA | 2022-08-24 | ['New shock' for European markets as gas price spike fuels inflation fears \| Reuters](https://feedsoft.ai/events/40209-new-shock-for-european-markets-as-gas-price-spike-fuels-inflation-fears-reuters.md) | +20.2% | +13.3% |
| UREA | 2022-07-29 | [Gas supply issues in Europe cause havoc with Nitrogen prices.](https://feedsoft.ai/events/5032-gas-supply-issues-in-europe-cause-havoc-with-nitrogen-prices.md) | +17.6% | +13.4% |
| UREA | 2026-03-09 | [Global grain markets show resilience as Iran conflict raises freight costs and commodity risks](https://feedsoft.ai/events/16877-global-grain-markets-show-resilience-as-iran-conflict-raises-freight-costs-and.md) | +3.4% | +21.0% |
| WTI | 2025-11-20 | [Refining Margins Soar as Global Oil Product Markets Tighten \| OilPrice.com](https://feedsoft.ai/events/11480-refining-margins-soar-as-global-oil-product-markets-tighten-oilprice-com.md) | -2.1% | -6.3% |
| WTI | 2026-04-06 | [OPEC+ to hike crude output: Will it make a difference to oil prices? \| Euronews](https://feedsoft.ai/events/19611-opec-to-hike-crude-output-will-it-make-a-difference-to-oil-prices-euronews.md) | -13.2% | -7.5% |
| WTI | 2022-08-24 | [Oil ends higher on U.S. response to Iran nuclear deal comments](https://feedsoft.ai/events/40194-oil-ends-higher-on-u-s-response-to-iran-nuclear-deal-comments.md) | -3.8% | -12.9% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/030926-european-nitrogen-market-rallies-on-gas-price-hike-iran-conflicts

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.