Rotterdam (The Netherlands): Benzene prices in the European market are on the rise amid increased demand from downstream industries (such as styrene, phenol, and other solvent-consuming sectors) and a continuous increase in the production cost of the commodity in the domestic market. Ongoing geopolitical tensions are impacting trade routes, causing delays and higher freight costs. The importance of Red Sea shipments is growing due to sanctions imposed by Europe and the United States on Russia, leading to a significant uptick in crude oil transportation costs, subsequently raising Benzene production expenses. Prolonged disruptions could force vessels to take longer routes, increasing tonnage requirements and Benzene consumption. The EU&#xx;s prohibitions on Russian crude and refined products are altering global trade patterns, though Russian exports remain resilient. Freight markets are adapting to &#xx;shadow fleets&#xx; to circumvent EU price restrictions. The recent drought in Central America is adding to challenges by...
