War could make petroleum products from clothes to crayons more costly
AP News
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The Iran war’s most tangible and immediate effect for many people outside the Middle East has been spiking gasoline prices.
But crude oil isn’t just refined as fuel.
Petrochemicals derived from oil and natural gas go into making more than 6,000 consumer products.
A list produced by the U.S. Department of Energy includes everyday items ranging from computer keyboards, lipstick, tennis rackets and chewing gum to aspirin, umbrellas and nylon guitar strings.
Petroleum derivatives also are used in a lot of product packaging.
Shoe and apparel trade groups and companies that sell stuffed animals, home products and medical supplies are looking at price increases or other ways to offset higher materials costs.
Hormuz blockade fuels energy crisis
- Oil prices hold near $100 as Trump extends Iran ceasefire but keeps blockade in place The Independent —
- Oil on edge, stocks fall as Trump extends Iran truce but keeps Hormuz blockade IOL —
- Lufthansa to scrub 20,000 summer flights to save on fuel costs The Straits Times —
- Lufthansa cuts 20,000 flights as fuel prices soar and travel crisis deepens Mirror —
- British Airways, Ryanair, easyJet and Jet2 issue fuel warning amid Middle East war Mirror —