Iran war pushes plastic packaging costs higher

Oil prices surged above $100 per barrel on Tuesday as market uncertainty over the Iran war's trajectory persisted, reversing a sharp decline from the previous day. The spike in energy costs is driving up plastic packaging expenses, which manufacturers warn will translate into higher prices for consumer goods on supermarket shelves. The cost shock underscores how geopolitical conflict in major oil-producing regions can ripple through supply chains and ultimately reach consumers at the checkout counter. In separate trade news, the EU and Australia finalized a landmark free trade agreement eliminating tariffs on most goods, a deal that could help offset some pressure on import-dependent sectors.