Fitch expects the global oil and gas market to again move into a supply surplus in Q4 2026, which will push prices lower.

Supply fallout from the Middle East conflict has knocked out roughly 70% of global PPE (polyphenylene ether) resin output centered in Saudi Arabia’s Jubail industrial zone; plants halted from late March after shipping through the Strait of Hormuz was impeded. PPE resin is a key input for printed circuit boards used in smartphones, laptops, routers and AI servers; Goldman Sachs says PCB prices rose as much as 40% in April versus March. If resin shortages persist into autumn, consumer electronics price pressure could increase. US PCB maker Xunda Technology’s shares have risen more than 400% over the past year.

TASNIM NEWS reported Iran's Islamic Revolutionary Guard Corps said it fired missiles at a petrochemical plant in Haifa in response to an Israeli strike on a petrochemical facility.