Fertilisers, energy, metals and agricultural raw materials, freight and trade policy — what moved, and what it means for cargo and counterparties.
Urea prices dropped 3.5% in a single session to $386/t as China releases export quotas and Hormuz Strait tensions ease, reversing April's rally above $500.
Hormuz blockage pushes tankers around Africa, fueling a surge in Somali piracy with three tankers hijacked since April 2026.