The U.S. and Iran have reached a tentative ceasefire and nuclear‑related agreement that reopens the Strait of Hormuz and lifts key sanctions, though the situation remains fragile.
Oil prices have fallen on news of the ceasefire, but supply constraints, mine‑clearing delays, and infrastructure damage mean that the market will remain tight for months or even years.
Global fertilizer markets are shifting from price‑driven to access-driven as China tightens sulphur exports and geopolitical disruptions expose structural vulnerabilities in nutrient supply chains.
Australian LNG exports from Ichthys face major disruption due to upheld industrial action, compounding already severe global LNG shortages caused by the Iran war.
Container freight rates are still rising but losing momentum just as the U.S.-Iran deal signals easing bunker costs and the potential unwinding of Red Sea-related disruptions.