Recently, the situation in the Middle East has suddenly heated up, and a series of major events and rumors have drawn high attention from the international community. Iran's Islamic Republic Radio and Television reported on the 13th that Hussein Salami, the commander-in-chief of Iran's Islamic Revolutionary Guard Corps, was assassinated by Israel in the early hours of the same day. However, this news has not yet been officially confirmed. Meanwhile, military conflicts in the Middle East have already broken out.

The situation heats up and the energy market fluctuates sharply

The sudden escalation of the situation in the Middle East has rapidly caused a strong shock in the economic field. As a result, the international crude oil market price has soared sharply, with the main futures contracts of Brent crude oil and WTI crude oil both rising by more than 8%. Among them, WTI crude oil reached a high of $74.35 per barrel, hitting a new high since February 3rd. The price of Brent crude oil peaked at $75.28 per barrel, reaching its highest level since April 2. In addition, the futures of polyester raw materials such as PTA and ethylene glycol have also seen a sharp increase, which undoubtedly exerts huge cost pressure on the polyester industry chain downstream of crude oil.

The tariff policy has changed and the United States has sent out new signals

While the energy market is experiencing sharp fluctuations, new developments have also emerged in the US tariff policy. U.S. Treasury Secretary Basent said on Wednesday that as long as the United States' major trading partners show "sincerity" in the current negotiations, the Trump administration is willing to extend the current 90-day tariff moratorium beyond July 9. Bassent mentioned at a hearing held by the House Ways and Means Committee in Washington that the United States has 18 "important trading partners" and the Trump administration is striving to reach agreements with these countries. For those countries and trade groups (such as the European Union) that are "in sincere negotiations", it is "very likely" that the United States will "postpone the deadline to continue sincere negotiations", but he also emphasized that "if someone does not negotiate, then we will not negotiate". It is worth noting that previously, officials of the Trump administration have not explicitly stated whether they are willing to postpone the tariff suspension if no "agreement terms" are reached before the expiration of the tariff suspension.

Textile industry professionals are closely watching the situation, which is full of challenges

For the textile industry, the fluctuations in energy prices caused by the situation in the Middle East and the uncertainty of the US tariff policy are both directly related to the industry's costs and the market. The soaring price of crude oil has led to a significant increase in the cost of the polyester industry chain, and whether the suspension period of US tariffs will be extended also affects the export trade of textile products. The current situation is full of uncertainties. The textile industry is closely monitoring the subsequent development, hoping that the situation will ease and the trade environment will stabilize to reduce business risks and ensure the stable development of the industry.

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