Report published September 23, 2026

Inside Commodities: Global Geopolitics, Energy Security, and Supply Chain Shifts (September 23, 2026)

London Stock Exchange Group · September 23, 2026

This daily commodities round-up highlights US President Trump backing a ban on diesel exports to lower domestic prices ahead of elections, while Saudi Arabia restarted its East-West oil pipeline, sending Brent crude down toward $97 a barrel. Across other sectors, nickel prices softened amid doubts over Indonesian supply curbs, wheat prices soared due to Black Sea shipping halts, and global biofuel demand is projected to surge 70% by 2030.

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Finvaulta summarizes London Stock Exchange Group's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.President Trump endorsed a ban on US diesel exports to curb record domestic fuel prices ahead of midterm elections, despite warnings from US energy officials that it could tighten allied supplies and disrupt refinery output.
2.Saudi Arabia restarted its East-West Pipeline to Yanbu after drone strikes, easing supply concerns and helping pull Brent crude down below $97 a barrel.
3.Black Sea shipping disruptions from the Russia-Ukraine conflict have severely choked wheat exports, driving Chicago wheat futures up 40% since June and forcing Asian and African buyers to seek costly alternatives.

Top News - Oil
Trump supports diesel export ban as fuel prices hit records
ENERGY OFFICIALS WARN OF RISKS
Saudi Arabia restarts East-West oil pipeline, sources say
FULL RESUMPTION COULD TAKE WEEKS, SOURCES SAY
Top News - Agriculture
Global biofuel output to jump nearly 70% by 2030 due to Gulf energy crisis, study finds
EXCLUSIVE-China private crushers buy Australian canola, first deals since 2020
Top News - Metals
Congo plans centralised mining investment agency under US deal, sources say
ONE-STOP AGENCY
REUTERS OPEN INTEREST-Indonesia's nickel production curbs leave market unconvinced: Andy Home
TAMING THE TIGER
TEMPERING EXPECTATIONS
WAITING FOR DEMAND
Top News - Carbon & Power
Zelenskiy says he discussed energy truce, efforts to end Russia war with Trump
AERIAL ATTACKS
EXCLUSIVE-Lithuania plans key substation near Russia, fortified against explosive drones
NO ORDINARY CONCRETE
THE MOST COSTLY INTERCONNECTION
Top News - Dry Freight
ANALYSIS-Wheat buyers brace for higher costs as Russia-Ukraine war drags on
SHIPS STUCK
DWINDLING SUPPLIES
EU 2026/27 soft wheat exports up 2% by September 20

Report data

Key figures extracted from this report

Metric	Estimate	Context
Brent Crude Price	97 USD/barrel	Fell towards $97/bbl following the restart of Saudi Arabia's East-West pipeline, reaching its lowest level since September 8.
LME Nickel Price	16500 USD/metric ton	Prices declined back to $16,500 after a May high of $20,000 as Indonesian supply curbs failed to tighten the market.
Combined Exchange Stocks of Refined Nickel	478000 metric tons	Combined inventory held by LME and Shanghai Futures Exchange, sufficient to supply the global market for seven weeks.
Global Biofuel Output Growth Projection	70%	Output expected to surge nearly 70% by 2030 compared to 2025 levels due to mandates enacted in response to the Iran war.
Chicago Wheat Futures Price	40%	Climbed 40% from June lows to reach a 3.5-year high due to Black Sea shipping disruptions.

Source: London Metal Exchange; LME / Shanghai Futures Exchange; Chatham House and FSC; Chicago Futures. This is a dated model snapshot, not a live forecast.