Urea fertilizer prices climbed from $516 to $683 per metric ton over 12 days following supply disruptions linked to the Iran conflict, driving the North America fertilizer price index to $810 per short ton, its highest level since August 2025.

Mosaic shares surged 7.58% to $31.36 on Thursday, making fertilizer names the top performers in the S&P 500, as investors anticipate improved profitability from elevated nitrogen prices during spring planting season.

Senator Josh Hawley’s nine-question letter accuses major fertilizer firms of price gouging, and a Justice Department probe into potential industry coordination raises the possibility that Mosaic could face similar regulatory scrutiny.