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Disruptions to crude oil supplies wrought by the Middle East conflict are boosting the appeal of crop-based biofuels, lifting demand for vegetable oils and corn.

The war is showing no signs of abating after U.S. and Israeli strikes on Iran more than a week ago, and the fallout is stoking fears of an inflation crisis. The halt to shipping through Hormuz has driven up fuel prices.

U.S. oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.

CK Hutchison's plans to sell its global ports are at an impasse a year after the deal was announced, with hopes pinned on a meeting between Donald Trump and Xi Jinping to yield a breakthrough.

Momenta may seek to raise at least $1 billion in the IPO, Bloomberg reports, adding that deliberations are ongoing and no final decisions have been made. 

Venezuela and the U.S. are scrutinizing dozens of confidential oil contracts signed during the reign of ousted strongman Nicolas Maduro, according to people familiar with the situation.

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

President Donald Trump said the U.S. would provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.

Agriculture traders rushed to adjust positions with the escalating conflict in Iran threatening to disrupt supply chains from corn and soybean meal to fertilizer and sugar.

Soy rose to its highest level in more than two years after strikes by the U.S. and Israel on Iran. Contracts in Chicago surged as much as 3.9% before paring some gains.