The Market in March
The ongoing conflict in the Persian Gulf region has driven oil markets sharply higher, with geopolitical and supply chain concerns contributing to higher sugar prices in March. With shipping through the Strait of Hormuz still suspended, regional sugar trade will be disrupted once flows of new season CS Brazilian raws commence. Looking ahead, a prolonged conflict could trigger escalating input costs, ranging from fuel for logistics to fertilizer, while the expected return of El Niño later in 2026 adds further uncertainty.