Energy prices have been both elevated and highly volatile in 2026, with Brent crude oil rising from USD 60/bbl at the start of the year to USD 88/bbl as of August 17, 2026. The war in Iran and the subsequent disruption in the Strait of Hormuz have been responsible for much of the upward pressure on energy prices, while recent attacks on Russian refineries and export infrastructure have contributed to a sharp rise in diesel prices. Join Carlos Mera and Florence Schmit as they discuss the current market environment and where energy prices might go next.<br><br>Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417272/disclaimer for information about the scope and limitations of the material published on the podcast.

Energy shock waves: From Hormuz to Russia

RaboResearch Agri Commodities

RaboBank RaboResearch Food and Agribusiness Podcast. Hello, welcome to another ACMAP Podcast. My name is Carlos Mera, I'm Head of Agri Commodity Market Research here in Rabobank London. And joining me today is Florence Schmidt. Hi Florence. Hi Carlos. And she's a Senior Energy Strategist, also based in London. We are recording on the 17th of August. Very important to mention it because we're going to be talking about

energy prices which are very volatile and they might change by the time this podcast is published. So brand prices, I saw they are at $89 per barrel today, up from $70 at the time the Iran conflict started on the 28th of February earlier this year, and up from $60 at the start of this year. And of course energy prices are very important for agriculture in general.

There are inputs for fuel, virtually every tractor in the world runs on diesel. There are many other machinery like harvesters that will be running on diesel. And of course it's using transport. There's also a high correlation between nitrogen fertilizer and energy prices. And then on the demand side, we have a number of commodities that will have some

correlation coming from the demand side, like corn and sugar through ethanol. Also in Europe we use quite a bit of wheat in ethanol. And then we have a high correlation between vegetable oils, like palm oil or soybean oil, and energy via the biofield complex. So Florence, let's start talking about the Middle East and the most important Hormuz Strait.

What is the situation today and what do you expect it to be in the future? Absolutely. Let's start looking at crude oil markets and crude oil prices before we dive into other markets that are also equally important, like diesel...

Energy shock waves: From Hormuz to Russia

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The candid version is on a podcast,
not the earnings call.

Energy shock waves: From Hormuz to Russia

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.