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The commodity price index for fertilizer soared in 2022 due to supply disruptions following Russia's invasion of Ukraine. In May 2026, the index amounted to *index points, down from the peak of ****index points recorded in April 2022. The base year for the index is 2018, with the index value set to 100. A value of * shows that global prices for fertilizer have risen by * percent since 2018.

Fertilizer prices are extremely sensitive to movements in global energy markets, given that natural gas and other energy inputs are key components in fertilizer production. Consequently, price shocks in the energy sector can quickly cascade into higher agricultural input costs and lower yields. Recently, the war in Iran, along with the resulting disruptions and closure of the Strait of Hormuz, has intensified concerns about fertilizer supply shortages and rising volatility in the global agricultural market. The Strait of Hormuz serves as a critical maritime corridor for fertilizer exports, connecting major producers in the Middle East to markets across Asia and Europe.