Closing the Strait of Hormuz makes Canada the world's sulfur lifeline. 2 stocks win.

The Strait of Hormuz has been effectively closed for two months, taking roughly half of seaborne sulfur trade off the market and sending the global benchmark up more than 70%. The market is trading this as an oil story and a Mosaic story. Both framings miss the cleanest expression of the shock, which sits inside Canada's integrated oil-sands and fertilizer complex.