Asian equities broadly slipped, with MSCI’s Asia-Pacific index ex-Japan down 0.5% in early trade, Japan’s Nikkei 225 off 0.6% and South Korea down 2%. US stocks retreated overnight, led by tech, with the Nasdaq down 1.3% and the S&P 500 lower by 0.4%. Markets reassessed the chance of further Federal Reserve rate hikes this year, pushing the dollar index up to 101.04 near a one-year high. Gold eased 0.2% to $4,180 per ounce, while Brent crude rose 0.2% to $78.03 a barrel after dropping more than 3% in the prior session.

The article argues the current oil crisis is no longer confined to energy markets, with a shortage of naphtha — a key refining intermediate — already rippling through industry. It says more than 46,000 manufacturers in Japan that rely on naphtha are under pressure, while polyethylene resin prices used in packaging rose 70–80% between February and April 2026. The piece adds that crude oil is the feedstock for more than 6000 everyday items, tightening supply chains and amplifying upward pressure on crude prices.