PART 8 — GEOPOLITICAL CONTEXT & BRICS+ DYNAMICS
Hormuz closed → BRICS+ 40% GDP, India-China raise Iran/Russia imports. Sanctions widen enforcement gap. Africa–Asia flows rise.
PART 7 — FINANCIAL STRUCTURES & BANKING CHANNELS: Q1 2026 GLOBAL COMMODITY MARKETS
Oman hub via Bank Sohar. 20–30% down + PBG, 70–80% vs docs. No crypto, no Kunlun/EIH. Multi-currency.
PART 6 — SUPPLIER PROFILES & COMMERCIAL INTELLIGENCE: Q1 2026 GLOBAL COMMODITY MARKETS
Iran traders shift to Oman/STS. Petro Nova uses Turkey/UAE. Espandiar via Bank Sohar. STS discount Brent –$8–12.
PART 5 — FREIGHT, LOGISTICS & NEW CORRIDORS: Q1 2026 GLOBAL COMMODITY MARKETS
Hormuz closed 95%. BDI +32%, Cape +117%. Middle Corridor +63% volume. 20th EU sanctions hit Kyrgyzstan.
PART 4 — FERTILISERS & PETROCHEMICALS: Q1 2026 GLOBAL COMMODITY MARKETS
Urea +75–90%, sulphur +55%, ammonia >$800/t. Green HVO demand up. ISCC fees rise.
PART 3 — AGRICULTURAL MARKETS: Q1 2026 GLOBAL COMMODITY MARKETS
Grains stable: corn +7%, wheat +19%, soybeans down. Brazil displaces US soy to China.