10:14 AM EDT, 03/23/2026 (MT Newswires) -- Nitrogen and phosphate prices continued to rise due to disruptions linked to the Iran war, RBC Capital Markets said Monday.

According to RBC, Oman is the only country still exporting nitrogen from the Middle East after Iran banned exports following attacks on the South Pars gas field.

Meanwhile, nitrogen production in India has declined due to reduced natural gas availability, RBC said.

Phosphate prices have risen due to reduced supply from Saudi Arabia and rising sulfur costs due to limited availability from the Middle East. Phosphate margins are likely negative as higher prices are not enough to offset higher sulfur/ammonia costs, RBC said.

The war has had limited impacts on the potash industry, but some investors are concerned that higher nitrogen/phosphate prices and worsening farmer economics would eventually hurt potash demand, RBC said.

As fertilizer equities pulled back amid the Iran war, RBC thinks Nutrien ( NTR ) is the most interesting stock as the shares pulled back to pre-Iran war levels but cash flows benefit from higher nitrogen prices.

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