CryptoWorld News reports that the Iran war has led to a sharp surge in fossil fuel prices, affecting polyester suppliers in India and Bangladesh, and could raise costs for fast-fashion retailers such as Zara and H&M. Filatex’s general manager, Bagriya, said that, due to suppliers increasing prices and disruptions to Middle East supplies, the prices of purified terephthalic acid (PTA) and monoethylene glycol (MEG) needed to produce yarn have risen by nearly 30%. Ariya, CEO of Bindal Silk Mills, noted that the energy crisis has pushed up the costs of chemicals and dyes. Polyester is dominant in the textile industry, accounting for 59% of global fiber production. Tightening pressure on refined petroleum products caused by the closure of the Strait of Hormuz may ultimately shift the burden to retailers that rely on Asian polyester fiber supply chains, even though retailers can ease the impact through forward purchasing.