A recent Bank of America (BofA) report indicates a significant increase in crude oil price volatility due to shipping disruptions in the Strait of Hormuz, affected by conflicts around Iran. The report shows that since the escalation of the conflict, the daily stock price volatility of chemical companies such as LyondellBasell Industries, Dow, and CF Industries has been approximately 35% statistically correlated with crude oil prices, up from about 12% previously. Paint manufacturers like Sherwin-Williams have also been affected, with their stock price correlation to oil prices rising from less than 1% to approximately 39%, and showing a negative correlation. Data from the U.S. Energy Information Administration (EIA) shows that oil flow through the Strait of Hormuz decreased to 4.9 million barrels per day in Q2 2026, significantly lower than the 21.6 million barrels per day in Q4 2025, leading to Brent crude oil prices reaching $105 per barrel on July 23. Bank of America has issued "buy" ratings for companies such as Axalta, Ecolab, PPG Industries, and RPM International, and has raised their price targets.