US-Iran talks and a 60-day sanctions waiver have eased supply fears, but traders remain cautious on the outlook for Iranian oil exports.
From War Shock to Weather Shock: Super El Niño Threatens Fresh Commodity Chaos
- Record high sea temperatures in the Pacific Ocean are paving the way for an unprecedentedly severe 'Super' El Niño, with equatorial temperatures currently 1.7C above the 30-year average.
- This summer would witness the largest temperature deviation from the historical average for the month of June since 1981.
- The previous El Niño in 2023-2024 led to the tripling of cocoa prices after the failure of West African harvest, with 10-15% increases recorded in wheat, corn, sugar, rice and coffee prices.
From War Shock to Weather Shock: Super El Niño Threatens Fresh Commodity Chaos
- Record high sea temperatures in the Pacific Ocean are paving the way for an unprecedentedly severe 'Super' El Niño, with equatorial temperatures currently 1.7C above the 30-year average.
- This summer would witness the largest temperature deviation from the historical average for the month of June since 1981.
- The previous El Niño in 2023-2024 led to the tripling of cocoa prices after the failure of West African harvest, with 10-15% increases recorded in wheat, corn, sugar, rice and coffee prices.
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