Middle East conflict set to push China needle coke prices to three-year high

China needle coke prices are expected to rise sharply in Q4 2026, as escalating conflict in the Middle East pushes crude oil and slurry oil costs higher. Benchmark forecasts prices to peak in Q1 2027 at their highest level since early 2023, before easing as new supply in China comes online. Crude oil prices climbed through October as conflict in the Middle East intensified, with Houthi missile and drone attacks targeting Saudi energy infrastructure, including key Aramco facilities, raising the risk to regional oil supply. Brent oil prices stayed above $100/bbl throughout the month, peaking at around $117/bbl, before dipping to $90/bbl by 6 November.