Across the globe, geopolitical events are hitting U.S. farmers where it hurts: fuel.
Tension between Israel and Iran has the oil markets spooked. Energy analysts were predicting a slow summer for fuel prices, but those estimates are gone.
The national average for a gallon of diesel has gone up $0.04 over the last week, holding around $3.48, but increases are not likely to stop there. GasBuddy’s Patrick DeHaan says diesel could climb $0.15-$0.25 per gallon in the coming days.
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Experts note that economic growth, fuel demand, and energy diversification are opening new opportunities for U.S. grain and ethanol exports in Southeast Asia.
The agreement is expected to formally take effect on Friday, and markets will continue watching for signs that shipping traffic and global energy flows are returning to normal.
USDA Secretary Brooke Rollins recently told senators that 45Z guidance remains a priority, while also reaffirming support for year-round E15.
Global markets react to events in the Middle East as world leaders gather at the G7 Summit, affecting agriculture, energy, and trade. RealAg Radio’s Shaun Haney joins us to discuss the developments and their potential impact on agriculture.
