Escalating Middle East tensions and weak consumer demand are creating new risks for global energy and chemical markets. Oil prices rise towards $90/barrel Strait of Hormuz disruption hits energy flows again Bab el Mandeb Strait blockade risk grows, threatening access to the Red Sea and Suez Canal European gas stocks remain vulnerable Rhine low water disrupts logistics Chemical supply chains face pressure in Europe Demand weakness limits market reaction Smartphone sales fall sharply Rising costs drive demand destruction In this ICIS Think Tank podcast, Will Beacham interviews ICIS Insight Editor Tom Brown and Paul Hodges, chairman of New Normal Consulting.

Think Tank: Renewed Middle East conflict deepens chemical market uncertainty

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As the war in the Middle East gains momentum once again, the Strait of Hormuz is out of action. And now there's a new threat of closure of another choke point, the Bab el-Mandeb Strait, which gives access to the Red Sea and Suez Canal, which could stop even more oil and gas exports reaching global markets. With global oil stocks at critically low levels, I'd like to understand the likely impact on oil and chemical markets as well as economic sentiment.

Welcome to Think Tank, the weekly ICIS podcast which helps you make sense of chemical markets. I'm Will Beecham and this week I'm delighted to welcome back two great friends of the pod, our regular commentators Paul Hodges, chairman of New Normal Consulting and Tom Brown, our Insight Editor. And also in this episode, what collapsing sales of smartphones tell us about the state of the economy. But first to the Middle East. So Tom, you've been writing about how developments there could affect Europe

and also how disrupted logistics are impacting the industry. But firstly, could you bring us up to date, please, on what's going on with the Middle East war and how it's affecting oil and gas markets? Yes, thank you, Will. So, yeah, another dramatic week. And oil prices have continued the upward march, with Brent rising to over $90 a barrel at one point. And if you compare to before Trump's remarks in Ankara when it was around 71, that's a huge uptick in less than two weeks.

I mean, crude markets are extremely sentiment driven right now. So even compared to the usual level of sentiment driving pricing. So reports of new mediation efforts have taken a couple of dollars off, despite growing signs of contagion for the conflict over the last...

Think Tank: Renewed Middle East conflict deepens chemical market uncertainty

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Think Tank: Renewed Middle East conflict deepens chemical market uncertainty

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.