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When something becomes unsustainable, it is possible that prices go up, but at the same time costs rise so high that companies can't make profits even with high prices.
This is the essence of the "peak oil" scenario: Prices rise, but due to resource depletion, production costs go up so much that demand shrinks. Historically, that's pretty much inevitable, since oil and gas are finite resources. This downturn had already started.
The war has accelerated that process. The oil economy is not sustainable as a whole. In a way, Trumps Tomahawks and Irans missiles are part of the production costs, as are US aircraft carriers. This is because the oil economy is not only a industrial-economic process, but also a military-political system, which even influences global finance, interest levels etc. It is not a given that the earnings pay this expensive system.
We can say that this system is in crisis.
This also extends to producers of fertilizers: Rising market prices for oil and has means they have to pay more for their most important input, while fewer customers will be able to afford much higher prices for their product. Thus, their business becomes less profitable. In difference to oil producers e.g. in Russia, they do not have windfall profits.
Still, people need food. It will be interesting how the world solves that challenge. One way could be to eat less meat, which is a very wasteful way to produce food. Cheap animal food crops might be replaced with crops for feeding people.