Naphtha Market: Formosa Force Majeure

Asia and Middle Eastern Naphtha Daily Market Analysis / Iran says ‘non-hostile vessels’ may transit Strait of Hormuz / Taiwan’s Formosa shuts No. 3 steam cracker in Mailiao; No. 2 rates up to 90% / Taiwan’s FCFC declares force majeure on aromatics products

Jun 02, 2026

The Asian naphtha market saw easing in derivatives March 25, as crude oil prices fell while “non-hostile” ships may transit the Strait of Hormuz, according to Iran’s Ministry of Foreign Affairs. Brokers pegged the front-month April-May Mean of Japan swaps time spread at $84/mt in midafternoon Asian trading March 25, down $10/mt from the previous Asian close. “Non-hostile vessels, including those belonging to or associated with other States, may — provided that they neither participate in nor support acts of aggression against Iran and fully comply with the declared safety and security regulations — benefit from safe passage through the Strait of Hormuz in coordination with the competent Iranian authorities,” according to the communique sent to UN Secretary General Antonio Guterres posted March 25 on the website of Iran’s permanent...

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