The closure of the Strait of Hormuz is causing "immediate volatility" in liquid fertilizer prices, according to Jefferies analyst Laurence Alexander. Since late February, U.S. Gulf NOLA urea-ammonium nitrate's price has risen by 21%. Jefferies expects LSB Industries and Nutrien to benefit from the price spikes. The Strait of Hossein, which connects the Persian Gulf and the Gulf of Oman, handles roughly 27% of global ammonia and 35% of urea flows. However, even if the Strait reopens, it could take a while for fertilizer trade to normalize.