Weekly: Iran Implications – Week Fifteen

研报英文原文证据摘录

Weekly: Iran Implications – Week Fifteen

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Chemicals

Industry Overview

US – Iran on the cusp of signing an MOU 15 June 2026

As the weekend progressed, we had increasing frequency of headlines from both Iran and Equity

the US that the two parties were close to signing an MOU which would end the blockade United States

of Iranian ports and reestablish transit through the Strait of Hormuz. The MOU would Chemicals

then start the clock on a 60-day negotiation on the specifics of Iran’s nuclear program. Matthew DeYoe, CFA

While President Trump was hoping to sign the MOU on Sunday, an Israeli attack in Research Analyst

southern Beirut drew criticism from both parties and may ultimately delay the proceedings. BofAS+1 646 855 5746

Assuming this MOU does get signed, this would be the last version of our Iranian matthew.deyoe@bofa.com

Implications weekly, and we will return to the normal format. The nuclear program Hakim Sanfo

Research Analyst

negotiations have no guarantee of being concluded successfully, and thus the risk BofAS

remains that the strait could close again. It will also likely take months to re-establish +1 646 743 1557

hakim.sanfo@bofa.com

consistent two-way trade through the SOH (potentially 3 to 6 months depending on source

and product in discussion). This leaves room for physical markets to get increasingly short

before they get better (sulfur, crude oil, and nitrogen in particular). However, we expect Acronyms:

equity markets to discount this future tightness as the correction is in play.

MOU: Memorandum of understanding

June China TiO2 price nominations, but pushback building

SOH: Strait of Hormuz

Chinese producers have announced their fifth TiO2 price hike this year as we head into

June, pushing for $100-$150/mt.