The Feb–Mar 2026 Hormuz disruption hit ~20% of seaborne crude and a large share of LNG/naphtha flows; Northeast Asian naphtha spot jumped 65%–82%, ethylene nearly doubled versus pre-event, and regional cracker runs fell from ~80% (Feb) to ~70% (Mar), with several Korean units at 50%–65% and Formosa's 2.93 Mt Taiwanese capacity declared force majeure. Though eased, the crisis put feedstock security on the board: the fragility of naphtha dependence on the Middle East (50%–70% of JP/KR imports) is laid bare. Near-term, Chinese traders should prioritize supply security over spot bargains, tracking naphtha, crude and Gulf shipping; medium-term, rising US ethane imports, feedstock diversification and strategic reserves hedge single-point disruption.