Commodities Prices

In March, commodity prices grew at the fastest pace in recent history, as the closure of the Strait of Hormuz choked off oil and LNG exports from the Middle East, raising energy prices. Similarly, supply disruptions in the region fanned base metal prices, though some of them lost ground on the back of a deteriorating industrial outlook amid higher energy prices. Moreover, agricultural prices saw their sharpest monthly jump since September 2025, as the U.S.-Iran war fanned fertilizer costs, while diesel and fertilizer shortages disrupted farming operations and sparked concerns regarding harvesting. In contrast, precious metal prices fell for the first time in over a year, as higher energy prices fueled concerns over delayed Fed rate cuts—reducing the appeal of non-yielding assets such as gold.

Commodities prices increased 22.3% month on month in March, following February’s 3.3% rise.