Global Commodities Soar as War, Weather & Tariffs Upend Markets (Sept 25–26, 2025)
Oil markets rallied sharply during the week. Brent crude rose above $69.5/barrel on Sept 26, its highest since early August reuters.com, and is set for a ~4% weekly gain – the biggest in three months reuters.com. West Texas Intermediate followed to ~$65.3/barrel reuters.com. The catalyst was a confluence of supply shocks and geopolitical tensions. Ukraine’s drone strikes on Russian oil facilities have dealt a serious blow to Moscow’s fuel infrastructure reuters.com. In response, Russia banned most diesel exports and extended a gasoline export ban through year-end reuters.com reuters.com. Russia typically exports ~880,000 barrels per day of diesel reuters.com, so this move sent global diesel prices soaring and pushed European refinery margins to their highest since Feb 2024 reuters.com. “Ongoing Ukrainian drone strikes…NATO’s warning to Russia, and Russia’s move to halt key fuel exports” have all supported oil’s price surge, noted IG analyst Tony Sycamore reuters.com.