European Naphtha Daily Market Analysis / US-Iran tensions spike naphtha prices / East-west spread rises $4.25/mt

Sep 14, 2026

The outright European naphtha price and the east-west spread spiked Sept. 9 following the latest escalation in US-Iran tensions. the front-month CIF NWE naphtha crack at minus $4.15/barrel, down 80 cents/b day over day, with the equivalent swap up $18/metric ton at $826.50/mt. the September/October time spread steady at $21/mt, while the October/November spread was down $2.75/mt at $31.25/mt. The front-month East-West spread — the spread between the CFR Japan naphtha cargo swap and the CIF NWE equivalent — was at $63.75/mt, up $4.25/mt, while the October value was up $4/mt at $61.75/mt. US Central Command said Sept. 8 that US forces had destroyed five Iranian crude tankers after Iran targeted a US warship over two days. Iran later launched at least 20 ballistic missiles toward Jordan in the early...

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