Inside Commodities

The report highlights significant disruptions in global commodity markets—particularly oil and steel—caused by the ongoing Iran war, alongside a major $17 billion U.S.-China agricultural trade agreement.

Key Takeaways

• 1.China's crude oil throughput hit its lowest level since August 2022 in April, driven by negative refinery margins and geopolitical impacts from the Iran war.
• 2.Iraq's oil exports through the Strait of Hormuz have plummeted to 10 million barrels in April from a pre-war monthly average of 93 million barrels.
• 3.China has committed to purchasing at least $17 billion in U.S. agricultural products annually from 2026 to 2028 under a new reciprocal tariff-reduction framework.

Table of Contents

• Top News - Oil
• Top News - Agriculture
• Top News - Metals
• Top News - Carbon & Power
• Top News - Dry Freight

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