Oil Pulls Back as IEA Cuts Demand Outlook
Oil prices slipped below $100 a barrel as the International Energy Agency sharply reduced its 2026 demand‑growth forecast, marking the first annual demand decline since the pandemic. The cut, combined with a lull in U.S.–Iran confrontations, has shifted market focus to diplomatic talks and the risk of renewed escalation in the Strait of Hormuz. Corporate activity remained busy: ENI announced a Libyan gas find, BP pursued Namibia blocks, Baker Hughes agreed to sell Waygate for $1.45 billion, and TotalEnergies signed a Black Sea exploration pact. Meanwhile, Hormuz traffic fell to single‑digit daily transits, pushing VLCC freight rates higher.
Oil Pulls Back as IEA Cuts Demand Outlook
Oil prices slipped below $100 per barrel after the International Energy Agency sharply trimmed its 2026 demand growth outlook, marking the first annual demand decline since the COVID‑19 pandemic. Reduced traffic through the Strait of Hormuz – down to 8‑10...
Diesel Fuel Costs, Weaker Rand to Place Pressure on Inflation, Export-Competitiveness
EBC Financial Group warns that South Africa's one‑month diesel levy cut will only briefly offset rising fuel costs driven by a jump in Brent crude to $93.67 per barrel and a weakened rand at R16.64 per dollar. The higher Brent...
Fragile US-Iran Talks: Gold Rises to Rs 1.53 Lakh; Silver Jumps Nearly Rs 10,000. What's Next?
Gold in India jumped about 1% to Rs 1.53 lakh per 10 g (≈$1,850) and silver surged nearly 4% to Rs 2.5 lakh per kg (≈$3,000) as the US dollar weakened and reports of renewed US‑Iran talks lifted sentiment. The rally mirrored global markets where...
Silver Has Been Falling, but Here's Why It May Still End Up Soaring Back Higher Later This Year
Silver prices have slipped from a January peak above $121 to around $79, a 35% drop from the 52‑week high, after President Trump named Kevin Warsh as the next Federal Reserve chair. The iShares Silver Trust (SLV) remains modestly positive...
Russian Crude Oil Imports Rebound in March as PSU Refiners Left Record Volumes
India’s state‑owned refineries more than doubled their Russian crude purchases in March, lifting imports to roughly 1.98 million barrels per day from 1 million the month before. The surge helped push India’s total spend on Russian hydrocarbons to about $6.4 billion, with crude‑oil...
Oil Prices Hit Record High in March as Refiners Try to Replace West Asian Grades: IEA
The International Energy Agency reported that crude oil prices posted their biggest monthly gain in March 2026, with North Sea Dated trading around $130 a barrel. Global oil supply dropped 10.1 million barrels per day to 97 mb/d, driven by attacks on...
Big Risks Hover over Strait of Hormuz Blockade
The United States began a blockade of all commercial shipping to and from Iran on April 13, marking the first day of a new geopolitical flashpoint in the Strait of Hormuz. Crude oil prices spiked to over $105 per barrel...
Lean Hogs Might Not Stand a Chance Against the Bears: When to Sell
June lean hog futures (HEM26) have slipped to a three‑month low, with the daily chart showing a clear downtrend. The MACD indicator turned bearish as the blue line crossed below the red trigger and both are descending, indicating growing technical...
China’s Crude and Gas Imports Tumble in March
China’s crude oil imports fell sharply in March, reaching 11.63 million barrels per day, according to customs data. That represents a year‑on‑year decline of 350,000 b/d and a 221,000 b/d drop versus the average of January‑February 2024. The contraction occurred as the market entered...
Fuel Prices Stop Rising After 43 Days of Increases, RAC Says
After 43 consecutive days of increases, UK petrol and diesel prices have stalled, according to the RAC. A temporary cease‑fire in the Gulf lowered crude oil prices, easing wholesale costs, but retail prices remain well above pre‑war levels. Petrol now...
GCC Steel Supply Crunch Deepens Despite Ceasefire Talks
Gulf steel mills continue to face severe supply constraints despite tentative cease‑fire talks between Iran and the United States. Blockades in the Strait of Hormuz have curtailed iron‑ore pellet and ferro‑alloy shipments, forcing producers to cut output and turn to...
CONAB: Big Brazil Soybean Crop Getting Bigger
Brazil’s agricultural agency CONAB lifted its 2026 soybean forecast to a record 179.152 million metric tons, a 4.5 % increase over 2025, driven by an all‑time high yield outlook. The same report projects total corn production at 139.572 million tons, with the second‑crop...
Why Fertilizer Prices Could Remain High Into 2027
Rabobank’s semi‑annual fertilizer outlook warns that phosphate prices will stay above $1,000 per ton through 2027, driven by geopolitical shocks from the U.S.–Iran conflict and potential Strait of Hormuz closures. The 12‑month affordability index for nitrogen, phosphate and potash has...
Global Oil Flows Plunge as Hormuz Disruption Chokes Tanker Trade
Global seaborne crude oil shipments have plunged 16% since the Iran war, cutting daily volumes by 7.6 million barrels to 38.4 mbpd—about 9.5% of projected world production now stranded. Gulf exports collapsed, with a net loss of 9.0 mbpd after modest gains from...
European Airports Risk Jet Fuel Shortage by May Due to Hormuz Crisis
The war in Iran and the near‑shutdown of the Strait of Hormuz have pushed global oil prices above $92 a barrel, driving the average jet‑fuel spot price to $197.83 per barrel—99% higher than pre‑conflict levels. A Financial Times report warns that...
Malaysians Urged to Tighten Their Belts as Iran War Fallout Starts to Bite
Malaysia’s government warned citizens to brace for prolonged cost pressures as the Iran‑triggered energy crisis tightens. Crude oil supplies are expected to run out by May, pushing Brent to US$132.50 per barrel and prompting a diesel subsidy hike to 400...
Ghanaian Farm Plans 3,000-Ton Tomato Supply Expansion
Ghana’s Ministry of Food and Agriculture announced that Maphlix Farms will place 3,000 tons of tomatoes on the market by year‑end, using a mix of greenhouse and open‑field production. The farm has already begun harvesting, with three‑day picking cycles to maintain...
How Air Cargo Disruptions Are Driving Food Price Pressures Across the Gulf
Air cargo disruptions triggered by the Iran‑Israel conflict are forcing airlines to reroute flights around contested airspace, tightening capacity on dedicated freighter lanes into the Gulf Cooperation Council (GCC). The reduced availability and higher operating costs have pushed freight rates...
IEA Cuts Oil Outlook on ‘Largest Disruption in History’
The International Energy Agency slashed its 2026 oil demand forecast by 730,000 barrels per day, citing the sharpest demand drop since the Covid‑19 pandemic. Conflict after the US and Israel attacked Iran has crippled Middle‑East energy infrastructure and effectively closed...
Cocoa Price Crash Spurs Hopes for Demand Recovery, Cheaper Candy
Cocoa futures have plunged more than 70% from their 2024 record, creating a deep price crash. The steep decline follows a 2024 rally that triggered demand destruction and left many manufacturers with costly inventories. With a robust harvest and a...
Oil Prices Edge Lower On Hopes Of Potential US-Iran Peace Deal
Oil prices slipped on Tuesday as renewed hopes of a U.S.–Iran peace deal lifted market sentiment. Brent June futures fell more than 1% to $98.31 a barrel and WTI May contracts dropped 2.2% to $96.93. President Donald Trump said the...
Oil Demand to Fall at Fastest Pace Since Covid: IEA
The International Energy Agency (IEA) says global oil demand will contract at the fastest rate since the COVID‑19 pandemic, driven by the effective closure of the Strait of Hormuz and a 10.1 mn b/d supply loss in March. The agency projects demand...
India’s Soyabean Imports Surge to 3.09 Lakh Tonnes During Oct-Mar 2025-26 Oil Year
India’s soybean imports have surged to 3.09 lakh tonnes (≈309,000 t) in the Oct‑Mar 2025‑26 oil year, up sharply from just 0.02 lakh tonnes a year earlier. The rise reflects tighter domestic supply, with projected output falling to 110.26 lakh tonnes (≈11.0 Mt), a 14%...
IEA Cuts Oil Demand, Supply Outlook Amid Iran War
The International Energy Agency (IEA) sharply revised its outlook, now expecting global oil demand to fall by 80,000 barrels per day in 2026, down from a previously projected 640,000‑bpd increase. It also cut the 2026 supply forecast by 1.5 million bpd, reversing...
The Spike in Diesel Prices Is Quietly Costing You Billions
Diesel prices have surged 54% since the Iran‑Israel conflict began on Feb. 28, outpacing gasoline’s 38% rise and adding roughly $9.4 billion in extra costs for U.S. households—about half of the $19 billion total fuel burden. The spike stems from the Strait of...
Fuel Price Freeze: ₹18/Litre Loss on Petrol, ₹35 on Diesel
State‑owned Indian Oil, Bharat Petroleum and Hindustan Petroleum have kept retail petrol and diesel prices frozen since April 2022, despite global crude oil swinging from over $100 to $120 per barrel. The freeze translates to losses of about ₹18 ($0.22) per...
Prolonged Hormuz Crisis Could Trigger Agrifood Catastrophe, UN Warns
The United Nations Food and Agriculture Organization warned that a prolonged crisis in the Strait of Hormuz could spark a global agrifood catastrophe. Disruptions to fertilizer and energy exports would drive up food prices and compress crop yields. FAO chief...
Most of Wall Street Points to High Oil Prices as the Driver of Inflation. A Maverick Johns Hopkins Economist Says...
Wall Street analysts quickly blamed the March 3.3% year‑over‑year CPI rise on soaring oil prices after Iran shut the Strait of Hormuz. Johns Hopkins economist Steve Hanke pushed back, arguing that the inflation surge mirrors a two‑year‑old expansion in the...
Why Indonesia’s Prabowo Is in Russia – and What He Needs From Putin
Indonesian President Prabowo Subianto flew to Moscow seeking cheap Russian crude as global oil prices surge following the U.S. and Israel’s war on Iran and a U.S. blockade of the Strait of Hormuz, which carries about 25% of seaborne oil....
Weekly Kill: Further Slides in Direct Consignment Rates, as Congestion Starts to Appear in Kill Rosters
Direct‑consignment cattle rates across eastern and southern Australia slipped another 5–20 cents per kilogram this week, driven by a mix of supply‑side factors and rising fuel and material costs. Processors in Queensland are already booking kill slots for May, while southern...
Iran Oil Hoard at Sea Shields China’s Refiners From US Blockade
A stockpile of about 38 million barrels of Iranian crude sits on tankers in Asia, with over a third anchored near China’s Yellow Sea. Chinese independent refiners—known as “teapots”—have built near‑record on‑shore inventories in Shandong, giving them roughly two‑and‑a‑half months of...
Indonesian Wheat Imports on the Rise
Indonesia’s wheat imports are set to climb to 13.2 million tonnes in the 2025‑26 marketing year, up from 10.5 Mt last season, making it the world’s largest wheat‑importer according to the USDA. The surge is driven by stronger middle‑class demand, expanding flour‑based...
Asia Air Travel Faces Turbulence as Iran War Exposes Jet Fuel Vulnerability
Jet fuel prices in the Asia‑Pacific have spiked to roughly $198 a barrel, about twice pre‑war levels, after the United States began restricting shipments through the Strait of Hormuz following stalled Iran peace talks. The surge is forcing airlines across...
The Hours the Market Wants Back: Free Daytime Power, or a Fix for Solar and Wind Curtailment?
The Australian NEM’s 11 am‑2 pm window is plagued by frequent negative prices, with 32.7% of intervals showing zero or below‑market rates over the past year. This oversupply has led to 7.89 TWh of renewable curtailment, 82% of which occurs during those negative‑price...
War Has Sanctioned Russian LNG Booming
Russia’s Novatek has begun offering cargoes from its Arctic LNG 2 project to buyers in South Asia, despite the facility being subject to U.S., EU and UK sanctions. The shipments are priced at discounts of up to 40 % versus current spot‑market...
Oil Prices Have Higher to Go, IEA Warns
The International Energy Agency warned that current oil prices do not yet reflect the depth of the supply shock caused by the Iran‑Israel war, which has taken roughly 13 million barrels per day offline and damaged over 80 facilities. Brent and...
Fuel Price Rolled Back by as Much as P23/L
The Philippines' Department of Energy ordered a one‑time fuel price rollback that took effect on April 14, slashing diesel by up to P23 per liter (about $0.42) and trimming gasoline and kerosene by P4.43 ($0.08) and P8.50 ($0.15) respectively. Shell...
IEA Chief Warns of Tougher Month for Energy Markets
IEA Executive Director Fatih Birol warned that April will be tougher for global energy markets as the Middle East war continues to choke supply. No oil cargoes have been loaded from the region this month, and more than 80 energy facilities...
Corn Dominates Argentina Export Registrations
Corn accounted for 60% of Argentina's export registrations in the week to April 11, with 1.95 million metric tonnes registered, more than double the same week last year. Total crop registrations rose 20% year‑over‑year to 3.25 million tonnes, driven primarily by corn. Export...
US Fertilizer Market Faces Increasing Scrutiny
U.S. phosphate exports surged in Q1 2024, tightening domestic supplies as global fertilizer trade is disrupted by the closure of the Strait of Hormuz. Prices have climbed to the highest levels since 2022, prompting criticism from President Donald Trump and...
Oil Drops as US and Iran Weigh More Talks With Blockade in Place
Oil prices slipped on Tuesday as Brent hovered around $97 a barrel and WTI near $95, after Washington announced a naval blockade of the Strait of Hormuz. The move follows a China‑linked tanker that briefly entered the strait, tested the...
Gold’s Surge Puts Margins Under the Spotlight
Gold prices jumped 67% in 2025, driving jewellery sales value up to $172 bn while volume fell 18% to 1,542 tonnes. Luxury houses with strong brand equity, such as Richemont and Cartier, saw sales growth, whereas mass‑market jewellers, whose costs are tied...
Brazil's Mato Grosso 2025-26 Soy Sales Ahead on Year
Brazil's Mato Grosso state reported that 63.3% of the 2025‑26 soybean crop had been sold by March, outpacing the same period last year but lagging the five‑year average. Soy sales rose 6.7 percentage points from February, while the 2026‑27 soy...
IEA Prepared for Follow-Up Oil Release: Birol
The International Energy Agency (IEA) says it stands ready to coordinate another strategic oil release if market conditions demand, following a record emergency release that grew to 426 million barrels after the Israel‑Iran conflict began. IEA members hold about 1.25 billion barrels...
War-Driven Fuel Costs Add New Twist to Trans-Pacific Service Contract Talks
The war in Iran has caused bunker fuel prices to double across key global hubs, prompting container lines to shift refueling operations to Europe as Singapore’s supply tightens. This surge in fuel costs is being passed to shippers through higher...
Copper Outlook Strengthens as Long-Term Assumptions Climb
Long‑term copper price assumptions in mining feasibility studies have jumped about 60% since 2020, moving from roughly $3.00 per pound to an average of $4.80 per pound in early 2026. Even after stripping inflation, the real assumptions are about 28%...
End of Open Consultation on Methodology for Saudi Arabia Domestic Rebar Price Assessment
Fastmarkets announced the closure of its open consultation on the methodology for the Saudi Arabia domestic rebar price (MB-STE-0909). The consultation, which ran until April 6, sought to ensure the pricing process complies with IOSCO principles for Price Reporting Agencies....
Pro Farmer Podcast | Fertilizer Crisis Fallout
The Pro Farmer Podcast episode released on April 13, 2026 examines the fallout from the global fertilizer crisis, highlighting sharp supply constraints and rising input costs. Host Bill and Hillari explore how the shortage is slashing yields for nitrogen‑intensive crops, while guest...
Trump Administration’s Temporary Reprieve on Russian Oil Expires
The Treasury Department’s one‑month sanctions waiver that let Russia sell oil at sea expired on April 13, ending a temporary lifeline that helped keep global crude prices in check. The waiver, introduced amid a Middle‑East conflict that pushed oil above...