Updates

** Fertilizer stocks climb amid escalating tensions in the Middle East after Iranian boats appeared to have attacked two fuel tankers in Iraqi waters

** CF Industries CF.N jumps 7.1% to a record high; Mosaic MOS.N rises 4.8% to highest in a month; U.S.-listed shares of Nutrien NTR.N gain 6.3%

** Many fertilizers are shipped through Strait of Hormuz, which remains blockaded

** A third of the world's urea exports shipped through Hormuz - Yardeni Research

** Price of urea, a major component in some fertilizers, has soared $120 per ton to $591.75 per ton since the start of the war - Trading Economics

** If jump in fertilizer prices lasts longer than expected, analysts will scramble to revise earnings estimates upward - Yardeni Research

** Additionally, Qatar Energy has had to stop production at world's largest single-site urea plant, as it lost its source of natural ​gas feedstock after the company shut down gas output due to attacks on its LNG facilities

** S&P 500 Fertilizers & Agricultural Chemicals .SPLRCCHFA up nearly 25% YTD vs. S&P 500 materials index's .SPLRCM 9% rise