Crude drops 5% as tensions ease; chemical markets signal softening

Crude oil has fallen around 5 per cent on easing geopolitical tensions, offering early cost relief to petrochemical markets after sharp price surges of 30–70 per cent across key chemicals.
While supply risks, especially via the Strait of Hormuz, keep markets tight, further de-escalation could trigger a 25–30 per cent correction in select products.