European fertilizer stocks plunged due to a ceasefire in the Middle East.

European fertilizer stocks plummeted, as the reopening of the Hormuz Strait is expected to alleviate the global fertilizer shortage. Shares of Norway's Yara International and German group K+S both fell by over 10%. Earlier, the actual closure of the Hormuz Strait had led to a sharp tightening of exports of urea and other fertilizers made from natural gas, causing the stock prices of these two companies to rise by 21% and 14% respectively over the past month. Ammonia is a key component in fertilizer production, and Yara's renewable ammonia production output is relatively high, meaning that the company will benefit from rising fertilizer prices while being less affected by rising supply costs.