Russia

Oil jumped more than two percent this week after military tensions flared up near the Strait of Hormuz, putting traders on high alert.

The USDA's newest wheat numbers show U.S. ending stocks at 717 million bushels. That's 203 million fewer than last year, and officials are calling this crop historically small.

Attacks on Black Sea shipping lanes are stacking up fast. Ukraine recorded dozens of vessel strikes and 67 port hits in July, and wheat export forecasts have been cut nearly in half as a result.

No deal with Iran, a war still grinding in Ukraine, and hurricane season ramping up. That combination is pushing oil prices higher and squeezing drivers at the pump.

A possible U.S.-Iran peace deal nudged oil prices down slightly, but Northwest drivers are still paying more at the pump. Diesel in Washington now averages $6.16 a gallon, the highest in the region.

Washington diesel climbed 13 cents in a single week to $5.96 a gallon, part of a nationwide price surge tied to refinery disruptions caused by Ukrainian strikes on Russian facilities.

The USDA quietly shaved 14 million bushels off its U.S. wheat outlook this month, while farmers across the Black Sea region are looking at some of their best harvests ever.

Oil prices climbed past 80 dollars a barrel after the U.S. resumed strikes on Iran, but diesel prices in Washington, Oregon, and Idaho actually dipped slightly at the pump.

Diesel prices dropped across Washington, Oregon, and Idaho this week, but refinery disruptions tied to the war in Ukraine are keeping fuel costs from falling as fast as oil prices.

USDA's June World Wheat Supply and Demand Estimates reflect other nations contributing to a one million ton month-over-month production increase.