Naphtha futures have eased to around the $680 per tonne level, as investors continued to evaluate geopolitical risks in the Middle East. Notably, the recent escalation of tensions between Iran and Israel did not lead to a wider conflict in the region that could impact oil supplies.

On the demand side, global economic uncertainties and concerns over prolonged high interest rates from the US Federal Reserve have also weighed on the demand outlook.

Nonetheless, prices are anticipated to stay relatively elevated, remaining close to the 18-month peak observed on March 18th.

The US House passed new sanctions targeting Iran's oil sector, expected to be included in a foreign-aid package, specifically aiming at shippers and refiners of Iranian crude oil.

Also, Ukrainian strikes on Russian refineries have affected one of the world's largest exporters, resulting in a roughly one-third decrease in total exports.

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