Asia’s naphtha refining profit margin was steady on Monday amid caution over escalating conflict between Israel and Iran, although strikes over the weekend left oil production and export facilities unaffected.

The crack traded at $78.10 per metric ton over Brent crude, compared with $78.05 in the previous session.

“Israeli attacks have not yet targeted Iranian oil facilities, but any escalation that closes or threatens the Strait of Hormuz could severely restrict MEG crude and product flows,” Sparta Commodities said a note.

“Even without military action, shipowner risk aversion could reduce throughput,” the note added.

The gasoline refining profit margin also traded steady at $9.43 per barrel over Brent crude on Monday.

NEWS

– Oil prices slipped on Monday, after a 7% surge on Friday, as fresh military strikes between Israel and Iran over the weekend did not impact oil production or export infrastructure.

– The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.

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Source: Reuters