NEW DELHI: Asia’s naphtha markets firmed on Monday after a rally in crude oil benchmarks supported prices.

The refining profit margin jumped to $172.90 a tonne, up $8.20 from Friday’s close. Naphtha margins have gained nearly 6% this month due to a decline in shipments to the region.

Volumes from top supplier Middle East contracted by nearly 30% on-month to 2.4-2.5 million metric tonnes, assessments by Refinitiv Oil Research showed.

Meanwhile, the gasoline crack in the region traded steady over $15 per barrel amid recovering demand and tight supplies from China.

“Asian gasoline cracks will stay supported as the market enters turnaround season with only a moderate stock buffer from March onward,” consultancy Energy Aspects wrote in a report.

Oil prices hit their highest in over seven years on fears a possible invasion of Ukraine by Russia could trigger US and European sanctions that would disrupt exports from one of the world’s top producers.