00:00Stacks of plastic pellets sit outside of a factory in Guangzhou province in China.
00:05There seems to be plenty of them now, but that could change as global oil prices rise in the wake
00:11of conflict in the Middle East.
00:13War between the U.S. and Iran has prompted Tehran to choke off the Strait of Hormuz,
00:19restricting a key waterway where roughly 20% of the world's oil trade flows through.
00:24Despite both sides reaching a ceasefire, the arrangement seems shaky at best,
00:29as Iran has said it will continue blocking the channel in response to Israeli attacks on Lebanon.
00:36This has not only throttled oil supplies, but also petrochemicals used to manufacture everything from plastics to pharmaceuticals,
00:44and people in those industries are feeling the pinch.
00:58Peng says his factory has blown through its safety stocks, and he's now buying raw materials at a premium,
01:05and all those extra costs may be pushed onto the consumer.
01:09Over in Thailand, a toy maker relies heavily on plastics for his business.
01:14His products are sold in little plastic capsules, and that's just one part of his business that relies on petrochemicals.
01:21Prices for plastic balls usually fluctuate depending on suppliers and their margins,
01:26but now prices have risen by 50% to as much as double.
01:30Even resin, which is our main material, has increased by around 6 U.S. dollars per container, and we use
01:36a lot of it.
01:37The crisis is hitting small businesses like his disproportionately.
01:42We're like small trees within a larger ecosystem.
01:45Before the big trees die, the small ones go first.
01:49Thailand is now considering cutting oil taxes to help out small businesses like Matmo Studio,
01:55but the oil shortage is affecting more than just enterprises.
01:59In Seoul, a grocery store tells customers that garbage bags are sold out with no restock date known.
02:05There is growing concern about whether people can get their hands on everyday necessities.
02:10As I came to the market and saw that standard garbage bags are sold out,
02:14I do regret a little that I didn't buy some in advance.
02:17It seems people are feeling anxious because social media is stirring up things like a garbage bag shortage unnecessarily these
02:23days.
02:24As the conflict in the Middle East continues without a definitive end in sight,
02:29the world will continue to feel its effects hitting all facets of life and people's livelihoods.
02:34Scott Huang and Leslie Liao for Taiwan Plus.
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