U.S. Crude Oil Soars 11% as Trump Vows More Strikes Against Iran

The main contract of Styrene (EB) rose 304.00 yuan during the day, now quoted at 10,435.00 yuan/ton, with a 3.00% increase.

、According to foreign media reports, U.S. crude oil futures experienced sharp volatility on Thursday, closing up more than 11%, while Brent crude prices surged nearly 8%. This followed U.S. President Trump’s statement on Wednesday that the United States would continue launching attacks against Iran, triggering traders’ concerns over potential prolonged disruptions to oil supplies. Trump indicated that the U.S. would intensify its military strikes against Iran but did not specify a timeline for ending the conflict nor disclose any measures that could lead to the reopening of the Strait of Hormuz. What traders are truly concerned about is that, if Iranian oil infrastructure is now at risk and further damage to the region is likely, the timeline for resuming oil transportation in the area could be further delayed—even if the infrastructure remains intact.

WTI crude oil surged over 13% intraday, continuing its short-term upward momentum, and is currently trading at $112.42 per barrel.

Mitsubishi Chemical High-Performance Materials project is established in the Economic Development Zone. The project will focus on the research and production of advanced products such as ultra-high molecular weight polyethylene (UHMW-PE), polyether ether ketone (PEEK), and polyethylene terephthalate (PET), which are widely used in high-end fields such as humanoid robot joints, medical implants, lightweight automotive, and aerospace heat-resistant applications. The project features high technical barriers and broad market prospects. This project marks the first production base established by Mitsubishi Chemical's Advanced Materials Business Group in China, signifying the beginning of localized production of the group's high-performance engineering plastics, which holds significant strategic importance. The project is expected to start production by the end of this year, with a planned capacity of over 600 tons. After completion, the new company in Changshu is expected to achieve annual sales revenue of over 300 million yuan.

  April 1: According to foreign media reports, Saudi Arabia’s crude oil exports dropped by half in March due to disruptions in the Strait of Hormuz, forcing the country to reroute shipments to its west coast. Tanker-tracking data shows that average exports for the month stood at 3.33 million barrels per day (bpd), compared with 6.66 million bpd in February. Without the ability to transfer crude oil to Red Sea export terminals, this decline would have been even steeper. Following the outbreak of the Middle East conflict, Saudi Arabia swiftly shifted crude oil exports from Gulf terminals to its east-west pipeline. This pipeline transports crude oil from eastern Saudi oilfields to refineries and ports along the Red Sea coast, with a transport capacity of approximately 7 million bpd. When operating at full capacity, the pipeline supplies around 5 million bpd of crude oil available for export from Yanbu, while the remainder is allocated to refineries near Riyadh and along the west coast, or used for power generation and seawater desalination facilities along the Red Sea coast.