Us-Iran Talks Stumble, Sparking Emotions, International Oil Prices Rebound Strongly! Domestic Plastics Futures See More Gains Than Losses

I. Overnight Crude Oil Market Dynamics

The rebound of oil prices by over $8 from the day's low says it all. The US-Iran talks have encountered another major setback. The attack on the Iranian side has made it even more difficult for the already distrustful Iranian military to cooperate in the negotiations. The efforts that were closest to reaching an agreement may once again be in vain, increasing the likelihood of heightened geopolitical risks. This makes the situation for oil prices even more complicated, further increasing market uncertainty. The high and wide-ranging volatility of oil prices is likely to continue, and risk control must be strengthened.

China and the United States are maintaining communication regarding President Trump's visit to China.

MFA: Chinese crew members were on board the ship attacked in the Strait of Hormuz; no casualties among them have been reported so far.

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Iran is drafting a legal bill concerning the Strait of Hormuz.The Chairman of the National Security Committee of the Iranian Parliament stated that the parliament has held multiple meetings with relevant institutions such as the Ministry of Foreign Affairs and the Ports and Maritime Organization to discuss the content of the draft. After the parliament reconvenes, the draft will be immediately submitted for review. (Xinhua)

, and it also seriously violates the relevant provisions of the Charter of the United Nations. (CCTV News)

The US has transferred the crew of the ship to Pakistan, and the crew has returned to Iran.

On May 8, local time, the U.S. Department of State issued a statement statingThe United States will facilitate two days of intensive talks between the governments of Israel and Lebanon on May 14 and 15.

Local time, May 8

Plastic 2609 contract quoted at 8114 yuan/ton, up 0.87% from the previous trading day;

The PP2609 contract was quoted at RMB 8,635 per ton, up 1.25% from the previous trading day.

PP: Currently, the US and Iran remain in a geopolitical standoff, with military confrontations occurring in the strait region, involving multiple rounds of offensive and defensive actions. After a brief escalation, the conflict gradually subsides, and the overall order in the region returns to stability. The rapid de-escalation of geopolitical tensions has alleviated market concerns about energy supply shortages, and the cost support for the supply chain has weakened. Downstream producers are cautious in their purchasing, generally following a need-based, low-level replenishment strategy, resulting in insufficient overall market trading enthusiasm. Traders' willingness to sell has increased, and they are generally offering small discounts to facilitate transactions, leading to a gradual decline in spot prices. Considering the current overall environment, in the short term, the polypropylene market lacks upward driving forces, and the demand side is unlikely to provide effective support, making it likely that the market will continue to operate in a weak and volatile pattern.