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Morning Briefing - 08 Apr. 2026Oil has pulled back from crisis highs as US-Iran two-week ceasefire eases immediate fears over disruption through the Strait of Hormuz, but the risk premium remains firmly embedded. |
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CommoPlast
Morning Briefing
08 April 2026
Brent: $109.27 (- $0.50)
WTI: $112.95 (+ $0.54)
Naphtha CFR Japan: á
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: á
Propylene CFR China: á
*Data represent closing prices of the previous trading day
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US-Iran reaches an agreement for a two-week ceasefire
Oil has pulled back from crisis highs as US-Iran two-week ceasefire eases immediate fears over disruption through the Strait of Hormuz, but the risk premium remains firmly embedded. The move removes the tail risk of an outright supply shock, not the underlying fragility that drove prices sharply higher.
Brent crude fell sharply on the open following the announcement, reflecting a rapid unwind of worst-case positioning. However, the ceasefire offers an off-ramp for escalation and allows stranded oil and LNG cargoes to move, easing near-term pressure without adding new supply. A restart of production activities at oil wells, refineries, and LNG plants remain unlikely without confidence in a durable truce, leaving the market structurally tight and volatility skewed to the upside if flows through the Hormuz falter again.
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Calls grow for temporary rollback of Brazil’s PE ADD as market tightens
Some quarters of Brazil’s plastics industry are pushing for a temporary rollback of newly imposed antidumping duties, arguing the measures are tightening an already strained market. Levies confirmed by Gecex come as disruptions near the Strait of Hormuz elevate feedstock costs, compounding pressure across the supply chain.
Even at reduced levels versus earlier proposals by Decom, the duties are constraining imports and reinforcing scarcity. Abiplast warns the policy risks amplifying cost pass-through to downstream sectors, pointing to firmer prices and limited relief in the near term.
Read full story:
Brazilian industry seeks temporary rollback of ADD on US, Canadian PE
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