Asian Petrochemical Weekly · Price & Logistics Monitor

The near-term trading logic in international crude remains unchanged. On the upside: Israel has still not committed to a complete ceasefire, and several Middle Eastern producers will need time to restore crude output. On the downside: the US–Iran situation is easing, the Strait of Hormuz is gradually returning to normal navigation, demand remains weak, and expectations of a Federal Reserve rate hike are building. With Washington and Tehran continuing to send constructive signals on follow-up talks, the global supply gap keeps repairing — the bias in international oil prices stays to the downside.