# How conflict and El Niño are reshaping global food and oil markets

> A World Bank report says an adverse scenario would push oil to $105 per barrel in 2027 and food prices above their 2022 level. It notes Strait of Hormuz attacks continue and that Black Sea grain strikes could lift maize and wheat prices.

- Date: 2026-11-13 · published 2026-11-14T00:13:25.833Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/98617-how-conflict-and-el-nino-are-reshaping-global-food-and-oil-markets
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Renewed Middle East escalation could tighten crude, refined products and LNG, raising feed and freight costs, while Black Sea disruption cuts wheat and maize export supply and supports prices.

## Read by commodity

- WTI: bullish ▲
- CORN: bullish ▲
- BRENT: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-05-13 | [IEA warns of global oil deficit as Iran conflict hits output](https://feedsoft.ai/events/19448-iea-warns-of-global-oil-deficit-as-iran-conflict-hits-output.md) | +3.1% | -13.8% |
| BRENT | 2019-06-28 | [Oil rises near month highs as market awaits G20 summit and OPEC meeting](https://feedsoft.ai/events/58765-oil-rises-near-month-highs-as-market-awaits-g20-summit-and-opec-meeting.md) | -4.4% | -4.9% |
| BRENT | 2017-07-01 | [Global oil markets expected to tighten in third quarter 2017, then loosen through 2018](https://feedsoft.ai/events/70655-global-oil-markets-expected-to-tighten-in-third-quarter-2017-then-loosen.md) | -1.9% | +10.0% |
| BRENT | 2020-07-30 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/52263-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | +3.2% | +4.8% |
| BRENT | 2019-01-18 | [OPEC cuts crude production for market re-balancing – National Daily Newspaper](https://feedsoft.ai/events/61001-opec-cuts-crude-production-for-market-re-balancing-national-daily-newspaper.md) | +1.0% | +6.2% |
| WTI | 2026-05-13 | [IEA warns of global oil deficit as Iran conflict hits output](https://feedsoft.ai/events/19448-iea-warns-of-global-oil-deficit-as-iran-conflict-hits-output.md) | +5.8% | -11.6% |
| WTI | 2019-06-28 | [Oil rises near month highs as market awaits G20 summit and OPEC meeting](https://feedsoft.ai/events/58765-oil-rises-near-month-highs-as-market-awaits-g20-summit-and-opec-meeting.md) | -3.5% | -5.3% |
| WTI | 2026-04-09 | [April WASDE: Muted markets play wait-and-see game amid Middle East conflict \| An official publication of Michigan Farm Bureau](https://feedsoft.ai/events/19665-april-wasde-muted-markets-play-wait-and-see-game-amid-middle-east-conflict-an.md) | -3.3% | +2.0% |

## Sources

- geographical.co.uk: https://geographical.co.uk/news/how-conflict-and-el-nino-are-reshaping-global-food-and-oil-markets

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.