In Q2 2026, global Polyethylene Terephthalate (PET) prices surged as the US-Iran conflict escalated and the Strait of Hormuz faced closure, disrupting the flow of paraxylene, PTA, and MEG from the Middle East. Crude oil values climbed past historic highs during April and May, pushing feedstock costs and PET prices to record levels across regions. https://www.price-watch.ai/polyethylene-terephthalate-prices/