The Iran war has triggered an "oil crisis": the price of Class III base oil has surged nearly threefold, prompting global automakers to shift to "new formulations."

According to reports obtained by Zhitong Caijing APP, due to the intensified shortage of lubricating oil caused by the Iran war, automotive manufacturers such as Stellantis (STLA.US) and Volkswagen are turning to new lubricant blends. Iran's attack on Shell's (SHEL.US) gas-to-oil plant in Qatar in March severely disrupted the supply chain of high-quality Class III base oils used for manufacturing lubricating oil. The prices of Class III base oils in Europe and the United States have increased nearly threefold from pre-war levels, reaching about $4,000 per ton.