IRAN MARKET UPDATE
Stay up to date on the latest fuel and DEF market impacts from the Iran conflict.
WHAT'S THE LATEST?
4/14/2026 9:00 AM EST - Markets are continuing to react to shifting signals around negotiations and supply flows. WTI futures pulled back this morning, down more than $1.50 per barrel after gaining roughly $2.50 in the prior session, as headlines turned toward potential diplomacy. President Donald Trump indicated that Iran has reached out to continue negotiations following the U.S. blockade of the strait, with additional talks expected ahead of the current ceasefire deadline.
While some supply could return relatively quickly if the strait reopens, the market remains tight. OPEC+ reported a sharp drop in March production and maintained its demand outlook, signaling continued pressure on global balances. Even outside the Gulf, recovering flows such as rising CPC crude loadings point to improvement, but not enough to fully offset the disruption.
CHECK OUT THE LATEST ANALYSIS:
Did You Miss the Boat on Lower Fuel Prices?
Prices are up across the country - wrecking your fuel budget. Is it too late to lock in at a lower price? Turns out, you can use fixed price to lock in a price much lower than current levels, helping you spread your risk out into the future and protecting your bottom line.
DEF, Urea Prices Rise Amid Iran Conflict
Crude oil markets aren't the only ones feeling the pain. Gulf countries are major manufacturers of urea, the active ingredient in DEF, and the Strait of Hormuz closure is significantly impacting global fertilizer and DEF prices.
Prices Pull Back, But the Market Remains Tight
What happened last week? Crude prices pulled back after the U.S.–Iran ceasefire, with WTI down more than $13. Prices remained in the upper $90s, showing that while sentiment eased, underlying supply pressures did not.
IMPACT ON FUEL
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Shutdown of the Strait of Hormuz - which transits 20% of the world’s oil
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Limited capacity on Abu Dhabi pipeline & East-West crude pipeline
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Attacks on Middle East refineries, oil fields, and shutdowns mean that supply won't rebound 100% after the Strait re-opens
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With a 20-35 day route time, the final tankers leaving the Strait of Hormuz before March 1 are now reaching their delivery points - meaning supply disruptions will quickly escalate.
IMPACT ON DEF
Urea flows through the Persian Gulf have been disrupted, as has LNG, which is a major part of the supply chain for converting nitrogen into Urea. The impact on US DEF markets is mounting.
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About 25–30% of global urea exports come from the Arab Gulf.
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NOLA urea prices increased sharply from the mid $400s in late February to almost $700 by late March, up 46%.
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Spot supply availability has decreased. Mansfield maintains adequate supply availability to ensure our customers receive the DEF they need.
- Monthly average urea prices rose from $449.25/ton in February to $598/ton in March, driving a 20+ cpg increase in DEF pricing.
- North America is producing urea at high capacity but cannot fully replace lost imports, especially during peak demand periods.
GET AHEAD OF THE DISRUPTIONS
FIXED PRICE
With uncertainty ahead, it's important to have a strategy. With a fixed price solution, you can bring the future's lower prices forward to today, while maintaining flexibility if the market falls. Find out how your business can immediately lower its prices and spread out risk.
DEF SUPPLY
Ensure you have the DEF you need to keep your fleet running. The Middle East is a leading producer of Urea, the main ingredient in DEF, causing prices to rise. Make sure you've locked in your DEF supply and storage to avoid supply tightness.
FUEL CONSULTATION
With prices rising, fleets are considering all kinds of methods to reduce costs - from investing in better storage to seeking efficiency gains. Speak with a fuel expert to do a comprehensive review of your fuel spend and see if there are ways you could be saving today.