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Urea prices rose by about $80 per ton from roughly $470 per ton before the start of the Iran war, according to traders. A major single-site urea plant lost its natural gas feedstock after its operator shut down gas output.
Urea is a key nitrogen fertiliser, and a supply loss during planting season raises farmers' input costs and can pressure crop margins and feed grain pricing.
reuters.comNaveen Thukral, Ed WhiteMar 5, 2026After 205 past bullish geopolitics events, Urea moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.0%), and -0.4% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
