Brent crude rose to $109.86 per barrel and WTI to $101.41 per barrel as of Oct. 16, up $5.14 and $9.56 respectively from Oct. 9. Geopolitical supply premiums strengthened due to Houthi attacks on Saudi oil facilities, repeated tanker attacks in the Strait of Hormuz and uncertainty over Iran negotiations. The oil price increase affects chemical feedstock costs across naphtha, aromatics and olefins chains.
Source: Xinda Securities / Sina Finance
