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Geopolitical Risks Weigh on Middle East Granular Urea Market
2026-07-16
Middle East
Suppliers are keeping their cards close to their chests waiting for clarity in a shaky geopolitical market conditions.
Oman's SIUCI sold to a trader an August-loading granular urea cargo in the $370s/t fob, setting the lower end of the market range for this week.
Buying interest strengthened in Brazil, Argentina and other Latin American markets following the escalation in US-Iran tensions on 7 July, lending support to prices through the rest of week.
Bids at $370/t fob were rejected, while some producers targeted around $400/t fob for granular urea destined for premium markets, with loading outside the Strait of Hormuz. These indications reflected firmer sentiment and helped define the upper end of the range.
Meanwhile, some cargoes sold under earlier deals and successfully transiting the Strait of Hormuz changed hands between traders to destinations including Turkey and southeast Asia.
Iran
Granular urea was assessed at $340-346/t fob basis latest business out of the country.
Early in the week, the US revoked its authorization of trade in Iranian crude, refined products and fertilizers, including urea, clouding trade prospects as the US-Iran interim agreement reached last month appeared to weaken. The move halted talks between some buyers and Iranian suppliers.But several urea cargoes were still sold to traditional destination markets during the week.
Pardis sold 30,000t of granular urea at $340/t fob for July shipment. The volume is likely going to Turkey or Africa. The sale was in line with the official price level announced by the producer for the week ending 10 July.
But fellow producer Lordegan sold 30,000t of granular urea at $343.10/t fob for July shipment to an undisclosed destination. And KPIC sold 60,000t of granular urea in two shipments at $346/t fob for shipment in late July to early August. The urea is headed to Turkey.
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