Chinese exporters are raising prices for petrochemicals as the conflict in Iran tightens global supply. This has led to a more than 30% jump in plastic resin prices since mid-March due to disruptions in the Strait of Hormuz.
Manufacturers of consumer goods, including toymakers, are warning of potential shortages. Despite the supply-side pressures, traders remain largely skeptical that crude oil will reach an all-time high by April 30. The market's pricing reflects a low probability of such a surge, indicating that significant geopolitical escalation or further damage to key oil facilities would be required.
Analysts are watching for potential production cuts from OPEC+ or further incidents affecting Saudi Aramco. Without these, the outlook for record-high oil prices remains subdued.