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Transportation through the Strait of Hormuz has come to a standstill, and energy facilities in countries such as Saudi Arabia have been attacked. With the sudden escalation of the situation in the Middle East, energy transportation via the Strait of Hormuz has effectively ceased, causing significant difficulties in the transport of energy products. In addition, the energy facilities in Saudi Arabia, Qatar, Kuwait, and Iran also suffered **. This led to a 10% surge in Brent crude oil prices to above $80 per barrel during Asian trading on March 2, with Asian liquefied natural gas (LNG) spot prices facing a 130% spike. Currently, the global energy and chemicals industry is facing the severe challenge of supply chain restructuring. The focus of the energy industry is the Strait of Hormuz, which carries around 15% of the world’s oil supply; any disruption there has a direct impact on oil prices. However, the situation in this region is currently very poor; on March 1, an oil and chemical carrier named Skylight, with a load capacity of 7,600 tons, was attacked near the narrowest part of the strait, north of Muscat Port in Oman. Reportedly, a total of 3 civilian vessels were attacked in that area on that day. As of press time, data from the shipping tracking website MarineTraffic shows that at least 200 ships have been anchored and out of service, leaving shipping activities almost completely halted. There are differing opinions outside Iran regarding whether it has announced the closure of the strait. Amina Baker, head of Middle East and OPEC+ research at energy trade intelligence firm Kpler, said in an online seminar on March 1: “We believe the Strait of Hormuz is nominally still open, but ships dare not pass through it, and international oil companies also advise against using this route; the issue lies with insurance.” Insurance costs are currently exorbitant; no shipowner is willing to take the risk of crossing the strait. ” For the oil and gas industry, Citibank outlines a baseline scenario in its latest report: within a week of the outbreak of conflict, Brent crude oil will trade in the range of $80 to $90 per barrel. Goldman Sachs’ calculations are more precise: current oil prices already include a real-time risk premium of $18 per barrel. However, if traffic through the Strait of Hormuz is disrupted by 50% for a month, the petrochemical industry will be able to adapt, and the war risk premium will ease to $4 per barrel. Wood Mackenzie’s warning is the most severe. The agency noted that if tanker shipments do not recover quickly, oil prices could exceed $100 per barrel. The risks arising from the conflict are also intensifying; the threat of Iranian drones or missiles has forced oil fields in Iraq to suspend operations on a preventive basis. Qatar Energy has ceased the production of liquefied natural gas (LNG) and its related products due to military attacks on its facilities in the Ras Laffan and Messaid industrial cities in the State of Qatar. On March 2, following an attack by drones, Saudi Aramco shut down its Rastanura refinery as a precautionary measure. While the oil market has strategic reserves as a buffer, the situation in the natural gas market is even more precarious. Goldman Sachs analysts warn that if shipping disruptions in the Strait of Hormuz persist for a month, Asian spot LNG prices could soar by 130% to $25 per million British thermal units. Qatar was hit the hardest. As the world’s second-largest LNG exporter after the United States, Qatar accounts for around 20% of the global LNG supply, and all of its exports must pass through the Strait of Hormuz. The UAE, which is also an LNG exporter, relies on this same waterway for transporting its LNG. Amina Baker, a senior analyst at Kpler, noted that in addition to the risks associated with the straits, Israel has reduced production from its domestic offshore gas fields, which further exacerbates the supply shortage. As the conflict continues, the sharp rise in oil and gas prices is affecting the downstream chemical industry, triggering a chain reaction of cost pressures. Cracking units that use naphtha as raw material are the first to be affected. As a major global producer of chemical products, Asia’s cracking units mostly use naphtha as raw material, and are thus indirectly linked to natural gas prices. Rising LNG prices are driving up the costs of gaseous chemicals in Europe, and Asian buyers are also not spared. There are two pathways for cost transmission: one is to directly raise the prices of basic chemical products such as olefins and aromatics, thereby reducing the profit margins of downstream processing enterprises in the plastics and chemical fiber industries ； Secondly, if terminal demand cannot absorb high prices, it may lead to a decline in production rates and the withdrawal of capacity. Historical experience shows that when oil prices exceed $100 and remain high, the chemical industry often finds itself in a difficult situation characterized by both \"cost-push inflation\" and \"demand-suppressed contraction\". The more profound impact lies in the restructuring of the supply chain. Following the Russia-Ukraine conflict, European chemical companies reduced production significantly due to soaring gas prices, with some of their production capacity being shut down permanently. If shipping through the Strait of Hormuz is disrupted for an extended period, Asian buyers will be forced to reassess their reliance on Qatari LNG. Qatar’s ongoing expansion of its northern gas field project was once seen as the main driver of global LNG growth over the next decade, but if there are structural risks in the export routes, importing countries may accelerate their efforts to diversify their sources. Wood Mackenzie points out that the closure of the Strait of Hormuz threatens 20% of the world’s LNG supply, posing a severe challenge to Asian economies that are pursuing energy transitions. Traditional major LNG importers such as Japan and South Korea will have to rebalance between high-priced spot markets and long-term contracts. In the chemical sector, the Middle East accounts for around 20% of the global production of products such as methanol, liquefied petroleum gas, and ethylene. As an important producer of chemicals in this region, Iran is particularly affected by the obstacles to its exports. Iran is the world’s second-largest methanol producer, with an annual production volume of 9 to 10 million tons, of which over 80% is exported. Industry analysis suggests that the conflict will lead to a faster reduction in methanol inventory at ports in China, and prices may experience an upward trend driven by supply factors, which in turn will affect the downstream olefin industry chain. In terms of urea, Iran has an annual production capacity of around 13 million tons, accounting for 5.42% of the global total capacity, with annual exports ranging from 9 million to 10 million tons. A disruption in the export of these products will have a direct impact on the global fertilizer market and the olefin industry chain. Finally, high oil prices can also trigger widespread economic disruptions, drive up inflation, and exacerbate domestic **** in many countries.