Why energy shock from Iran war has not spread to food
Indian Express·2h ago·Neutral
What Happened
Despite Brent crude soaring to $119.5 per barrel in March 2026 following US-Israel-Iran tensions, global food prices remained stable. The FAO Food Price Index rose only 1% year-over-year, contrasting sharply with 2008 and 2022 crises. Record global production of wheat, corn, oilseeds, and sugar—844.2 million tonnes, 1,301.1 million tonnes, 698.2 million tonnes, and 189.3 million tonnes respectively—prevented price spikes. Most commodity exports declined. Only edible oils increased notably.
Key Entities
FAO Food Price IndexBrent crude oilIran-US-Israel conflictRussia-Ukraine warGlobal food commoditiesWheat exportsRice exportsEdible oilsUSDAStrait of Hormuz