10.03.2026, 12:37
Global oil and agricultural commodity prices surge amid escalating tensions in the Middle East
Rising geopolitical tensions triggered a sharp increase in oil prices and major agricultural commodities
Global markets recorded a sharp rise in oil and several agricultural commodity prices amid escalating military tensions in the Middle East. According to Reuters, at the start of trading on March 9 oil prices jumped by around 25%, reaching their highest level since mid-2022.
Specifically, Brent crude futures climbed to $119.5 per barrel, while West Texas Intermediate (WTI) crude reached $119.48 per barrel.
According to analysts at ING, market conditions continue to deteriorate. Additional pressure on prices comes from declining oil production and storage constraints. In particular, Iraq, Kuwait and the United Arab Emirates have begun reducing oil output.
At the same time, prices on agricultural commodity markets also increased. Key agricultural crops rose on the Chicago Board of Trade (CBOT).
Soybean futures climbed to their highest level since May 2024. As of 01:48 GMT on March 9, the most actively traded soybean contract increased 2.46% to $12.3 per bushel. Soybean oil prices rose 4.73% to 69.73 cents per pound, marking the highest level since December 2022.
Corn prices increased 2.5% to $4.72 per bushel, reaching a 10-month high. Wheat prices rose 3.2% to $6.36 per bushel, the highest level since June 2024.
