In Q2 2026, supply chain spent the quarter watching agentic AI reach general availability at SAP and Blue Yonder. Meanwhile an oil shock the IEA tied to the Strait of Hormuz pushed diesel sharply higher, a hardening US tariff regime moved to full entered-value assessment, and live carbon costs kept climbing. The forces that actually moved margins and decisions this quarter were energy and policy · and the automation boom was the response, not the cause.