Morning Briefing - 09 Apr. 2026
Morning Briefing
09 April 2026
Brent: $94.75 (- $14.52)
WTI: $94.41 (- $18.54)
Naphtha CFR Japan: â
Ethylene CFR NEA: â
Ethylene CFR SEA: â
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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AL-Jubail strike adds to widening wave of disrupted Gulf petrochemical plants
A coordinated aerial attack struck Jubail Industrial City, triggering fires within the petrochemical complex and raising immediate concerns over disruption at one of the world’s largest production hubs. Saudi authorities confirmed multiple interceptions, though debris and drone impacts ignited facilities within the site, which accounts for roughly 7% of global petrochemical output.
The incident adds to a growing wave of disruptions across the Gulf, where petrochemical and energy infrastructure in Iran, the UAE, Qatar, and Kuwait have all come under attack in recent weeks, forcing shutdowns and damaging critical facilities. If structural damage to key units is confirmed, it would likely result in a more prolonged period of supply tightness across global petrochemical markets.
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Fires at Jubail Industrial City disrupt operations, amplify petrochemical supply risks
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Oil rises after biggest drop since 2020 as Hormuz stays impeded
Oil snapped back from its steepest selloff since April 2020, as physical disruption in the Strait of Hormuz collided with renewed geopolitical flare-ups, underscoring a market still trading on fragile supply assumptions rather than fundamentals. Brent rebounded above $97/bbl after a 13% plunge, while WTI hovered near $98, with conflicting signals over whether tanker flows are resuming keeping volatility elevated and risk premiums firmly embedded.
Despite a ceasefire agreement, persistent strikes across the region and uncertainty over its scope continue to reinforce downside limits, while delays in restoring production or clearing logistics bottlenecks are likely to keep prices supported in the near term.
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