War with Iran has driven oil prices up directly pushing up the cost of plastic products

According to the CNN, the war with Iran has driven oil prices up more than 40% since late February, directly pushing up the cost of plastic products, which are derived from petroleum. Plastic resin prices have already surged by double digits in the past 30 days. Everyday items expected to see price increases first include:

• disposable cutlery,
• bottled drinks,
• plastic bags.

Supply chain expert Patrick Penfield from Syracuse University notes that higher packaging costs will likely lead to higher food and beverage prices in the coming 2–4 months as companies deplete existing inventories. Because plastics are embedded throughout supply chains, the full impact on final consumer prices can be hard to trace immediately.
CNN article is here