Institution: urea prices plummet before the US and Iran sign a deal to end the conflict

A study conducted by the research company DTN showed that the average price of urea fell by 12% from June 8th to June 12th, with a decrease of $100 per ton. This decline coincides with increasing expectations for the reopening of the Strait of Hormuz. The reopening of the strait is a key part of the agreement signed by the United States and Iran to end the conflict. The Middle East is one of the largest urea suppliers in the world, and urea is a widely used synthetic nitrogen fertilizer.