Emirates 24/7 — Global agricultural prices surged Monday as Middle East hostilities disrupted trade routes and spiked energy and fertilizer costs. The escalation has triggered widespread concerns over international food security and supply chain stability.Vegetable oils and grains saw significant gains, with palm oil jumping 10% while wheat approached two-year highs. Rising input costs and threats to maritime logistics continue to drive bullish sentiment across commodity markets.The effective closure of the Strait of Hormuz has pushed fertiliser prices higher, forcing global farmers to secure essential nutrients. Additionally, oil supply disruptions have increased biofuel demand, further straining vegetable oil and corn inventories.Wheat futures rose 3% to $6.36 per bushel, while corn and soybeans also posted solid gains. Analysts warn that continued geopolitical volatility and high shipping costs could soon translate into higher retail food prices globally.Vegetable oils and grains saw significant gains, with palm oil jumping 10% while wheat approached two-year highs. Rising input costs and threats to maritime logistics continue to drive bullish sentiment across commodity markets.The effective closure of the Strait of Hormuz has pushed fertiliser prices higher, forcing global farmers to secure essential nutrients. Additionally, oil supply disruptions have increased biofuel demand, further straining vegetable oil and corn inventories.Wheat futures rose 3% to $6.36 per bushel, while corn and soybeans also posted solid gains. Analysts warn that continued geopolitical volatility and high shipping costs could soon translate into higher retail food prices globally.

Emirates 24/7 — An European Commission spokesperson announced Monday that EU oil and gas supply coordination groups will meet Thursday. The meeting aims to discuss the Middle East situation following the Iran crisis.The groups are scheduled to monitor the conflict's impact on the energy sector and review member states' latest supply assessments. Oil prices have surged past $100 per barrel amid the ongoing regional instability.EU member states are legally required to maintain strategic petroleum reserves equivalent to 90 days of consumption. This safety net is designed to protect the bloc's economy during significant global supply disruptions.The coordination groups include government representatives who oversee secure energy flows and coordinate emergency measures. Their primary role is ensuring a unified European response to maintain market stability during geopolitical crises.