Energy Prices (Natural Gas): Elevated oil prices due to Middle East conflict and OPEC+ adjustments can lead to higher natural gas prices, which is a key input for CF Industries' nitrogen fertilizer production, directly impacting its cost of goods and profitability.

Global Agricultural Demand and Commodity Prices: Strong global demand for nitrogen fertilizers, driven by agricultural activity and favorable farmer economics (e.g., high corn-planted acres in the US), directly supports CF Industries' sales volume and pricing power.

Geopolitical Stability and Supply Chain Disruptions: Escalation of the Middle East conflict and broader global supply concerns can disrupt international trade routes, impact the availability of raw materials or distribution of finished products, and introduce uncertainty into global agricultural markets, potentially affecting CF Industries' operations and market pricing.