White Sugar Hits Five-Month High as Iran War Crimps Gulf Supply

White sugar hit the highest level since October as a rally in oil prices and the ongoing disruptions in the Strait of Hormuz stoked fears about supplies across the Middle East as well as shipments from the region.

The most-active contract rose as much as 3.9% to $454.10 a ton, bringing its premium over the raw, unrefined variety to the widest gap in six months.

The Strait of Hormuz is a major route for delivering raw sugar to refineries in the Middle East that convert the product into white sugar. The strait has been essentially closed off since the Iran ...