Revenue and profits are not the same thing. Yes, their cost of operating the business may have increased. But the only way to increase profits while thats happening is to sell more (not likely if supply is struggling) or to outpace the cost of business with your own price increases. Effectively they’ve seen an opportunity to raise prices, blaming it on a conflict, and then jacked them up far beyond necessary in the name of profits.

Profit margin gives us a pretty good indicator if that’s happening. Nutrien has increased their profit margins 60% as compared to last year. CF industries - profit margins up 238%. Mosaic Co - profit margins up 44%. So yes, they could absolutely keep prices lower if they wanted. They just don’t.