Commodity Prices Surge Amid Geopolitical Uncertainty
In August 2026, euro-denominated commodity prices rose by more than 2% compared to July. This increase was driven by geopolitical developments and uncertainty surrounding transit through the Strait of Hormuz.
The Strait remains officially closed, although traffic has not completely halted, with volumes still below pre-conflict levels. European food commodity prices posted a moderate increase of 0.3%, with wheat prices rising almost 4% amid concerns about supply shortages and renewed tensions in the conflict between Russia and Ukraine.
Energy commodities recorded the strongest increase, rising by 4% compared to July, supported by both oil and natural gas prices. Within this sector, Medium and Heavy Oils products saw a significant increase of 5.7%, particularly diesel and fuel oils.
Industrial commodity prices also increased, albeit more moderately, rising by 0.8%. Prices in this segment remain close to recent highs reached after the conflict between the United States and Iran, standing almost 10% above their pre-conflict average in February 2026.